ExxonMobil has allocated $90 million for seismic exploration in Egypt, focusing on a 15 km area within its concession north of Marakia in the Western Mediterranean. The company plans to expedite drilling efforts once the drilling team arrives in October 2024.
This strategic decision followed a meeting with Karim Badawi, the Minister of Petroleum and Mineral Resources, and ExxonMobil Egypt’s delegation led by Chairman and Managing Director Amr Abu Aita.
Minister Badawi highlighted the government’s dedication to leveraging these developments to boost production and enhance Egypt’s role as a regional energy hub. He also noted Egypt’s ongoing collaboration with Cyprus to strengthen the Egyptian-Cypriot agreement.
In response, Abu Aita reaffirmed ExxonMobil’s commitment to success through well-planned operational strategies and specialized studies tailored to their operational zones.