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Tuesday, 5 December 2017

Exxon Mobil looking to invest in Egypt’s offshore fields

Exxon Mobil knocking on Egypt’s door: Government officials and industry sources said Exxon Mobil is looking to invest in Egypt’s offshore oil and gas fields, Reuters reports. Oil Minister Tarek El Molla says company officials already met with him to discuss upstream operations. “We have been discussing with them, visiting them. They’ve visited us… We are exploring all opportunities for having more and further upstreamers in Egypt … I would be happy to have them with us,” he says. A source says Exxon conducted a portfolio profitability reassessment in Egypt following the discovery of Zohr and is looking for “tier-one assets” with significant potential. The company is reportedly also looking at assets in the Red Sea, where the government is expected to tender some exploration blocks.

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