ExxonMobil secures offshore blocks in Egypt

ExxonMobil said on Tuesday that it has secured exploration rights to two offshore blocks in Egypt.

The two blocks, Masry and Cairo, are located in the outer Nile Delta and cover more than 11,000 square kilometres, the oil and gas giant said in a press statement.

ExxonMobil Egypt (Upstream) Limited will operate both blocks and hold 100 percent interest, the statement said, adding that exploration activities are scheduled to begin in 2023, subject to signature of the concession agreements