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Tuesday, 31 December 2019

Exxon Mobil Corporation acquires more than 1.7 mn acres for exploration offshore Egypt

US oil giant ExxonMobil has acquired more than 1.7 mn acres for offshore exploration in Egypt, the company said yesterday. The awards include the 1.2 mn North Marakia Offshore block near the north coast, and 543k acres in the North East El Amriya Offshore block in the Nile Delta. Exxon will operate and hold 100% interest in both blocks, where operations are expected to start in 2020.

Background: Last February, ExxonMobil earned the green light to conduct exploration activities for the first time in Egypt as part of the two oil and gas exploration bid rounds launched by the EGPC and EGAS last year. Exxon was also awarded gas concessions in the bid round.

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