ExxonMobil to start gas drilling off Egypt’s West Mediterranean on Dec.15 – ministry

ExxonMobil will start gas drilling in the North Marakia Concession off Egypt’s West Mediterranean on December 15, a ministry of petroleum statement showed on Thursday.

The announcement followed a meeting between Egypt’s Minister of Petroleum, Karim Badawy, and senior officials from ExxonMobil, held in London as part of the British Egyptian Business Association (BEBA) mission.

Discussions focused on ExxonMobil’s plans, profit-sharing mechanisms, gas pricing caps, and leveraging Egypt’s energy infrastructure for future exports.

Additionally, the two parties expressed their intent to sign a letter of intent during the upcoming Egypt Energy Show (EGYPES), underlining their commitment to deepening bilateral cooperation. ExxonMobil officials also expressed interest in presenting their investment plans to Egyptian President Abdel Fattah El-Sisi.

The upcoming drilling activities come as part of ExxonMobil’s strategy to strengthen its presence in Egypt, a key energy hub in the region. These efforts are closely aligned with Egypt’s Ministry of Petroleum and Mineral Resources’ push to attract more foreign investment, maximise the value of its energy resources, and boost domestic production.

Attribution: Ministry of Petroleum & Mineral Resources

Subediting: Y.Yasser