ExxonMobil Buys 1.7 Million Acres for Exploration Offshore Egypt
December 30 2019 - 8:44AM
Dow Jones News
By Chris Wack
ExxonMobil (XOM) said Monday it has bought more than 1.7 million
acres for exploration offshore Egypt, a move that adds upstream
interests to the company's long-standing downstream presence
there.
The acquisition includes 1.2 million acres in the North Marakia
Offshore block, which is located about five miles off Egypt's
northern coast in the Herodotus basin, the energy company said. The
remaining 543,000 acres is in the North East El Amriya Offshore
block in the Nile Delta.
ExxonMobil will operate both blocks and hold 100% interest.
Operations, including acquisition of seismic data, are scheduled to
begin in 2020, the company said.
The company didn't say how much it paid.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
December 30, 2019 08:29 ET (13:29 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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