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The Egyptian Natural Gas Holding Company (EGAS) has signed a preliminary memorandum of understanding (MoU) with ExxonMobil Egypt Upstream Limited, a subsidiary of the U.S.-headquartered energy giant ExxonMobil, to boost gas exploration off Egypt’s Mediterranean coast. According to the Egyptian Ministry of Petroleum and Mineral Resources, the MoU sets the foundation for applying a new system in the Cairo and Masry offshore concession areas in the Mediterranean Sea. ExxonMobil secured exploration rights to the two blocks located in the outer Nile Delta in 2023. This is said to be in line with the first pillar of the Ministry’s strategy to attract investments, increase gas production, and establish incentives for promising frontier areas. Furthermore, the deal is expected to expedite the preparation of an integrated development and production plan in both blocks if exploratory drilling yields positive results. A 3D seismic survey for the area covering approximately 11,000 square kilometers is said to have been completed, and the data is currently being evaluated in preparation for the start of drilling. ExxonMobil made a gas discovery offshore Egypt earlier this year, drilling the Nefertari-1 well in the North Marakia Block with the Valaris-owned DS-9 drillship. The country’s Mediterranean coast has been the subject of interest of another energy giant–Eni, which recently disclosed its plan to drill two additional wells at the Zohr field next year. |
