In a potential boost to Egypt’s regional gas ambitions, Exxon considers Israeli oil and gas exploration: US oil giant ExxonMobil is considering oil and gas exploration in Israeli waters, giving a further boost to regional plans for an East Med natural gas market, a source told Reuters. Company execs reportedly held discussions with Israeli Energy Minister Yuval Steinitz this week regarding a bid for offshore blocks up for auction in June, the source said.

Exxon is growing into the region: Entry into Israeli gas exploration would be the latest in a string of recent agreements signed between Exxon and East Med countries. Egypt last month announced that Exxon would for the first time undertake exploration activities in Egyptian waters. And at the end of 2018 it began drilling for gas in Cypriot waters, recently claiming to have found giant gas field south of the island. Growing interest from another major player comes at a good time for the region as Eni — the biggest source of international investment for Egypt’s Mediterranean concessions — increasingly focuses its efforts in the Gulf in a bid to lessen its dependency on African hydrocarbons.