ExxonMobil to Drill Offshore in Egypt’s Western Mediterranean

ExxonMobil will begin drilling a new offshore gas exploration well in the North Marakia Offshore Concession, Western Mediterranean this month.

During a meeting in London between Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi and ExxonMobil officials, discussions focused on the company’s exploration plans, profit-sharing mechanisms, gas pricing and the use of Egypt’s infrastructure for future exports.

“We look forward to presenting our investment plans to the President of Egypt and further expanding our operations in the country,” ExxonMobil’s representatives said in a statement.

Both parties agreed to sign a Letter of Intent to solidify their collaboration.