From the Field

Egypt signs exploration deals with ExxonMobil

Egypt

CAIRO, January 29, 2020 – Egypt’s petroleum ministry announced on Tuesday the signing of two new oil and gas exploration deals with ExxonMobil for blocks off the country’s Mediterranean coast.

The deal for exploration in the North East Amriya block involves an investment by ExxonMobil of at least USD 220 million, while the company will pump an additional USD 112 million into exploring the North Marakia block, according to the second agreement.

These two new deals bring Egypt’s total number of petroleum agreements signed since 2014 up to 82, amounting to more than USD 16 billion in investment in the country’s revived oil and gas industry.