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Egypt awards exploration rights for offshore blocks to ExxonMobil

Turkey Sakarya gas Reuters/Lucy Nicholson
The Q4 outlook on demand is quite healthy said Vitol Bahrain's managing director Kieran Gallagher

US oil and gas major ExxonMobil has obtained exploration rights to two offshore blocks in Egypt’s outer Nile Delta, Ahram Online reported, citing a company statement.

The two blocks – Masry and Cairo – stretch over 11,000sq km, with exploration expected to start in 2023 after the government grants its final approval.

“The addition of these blocks will further strengthen ExxonMobil’s exploration portfolio in Egypt and the East Mediterranean,” ExxonMobil vice president of global exploration John Ardill said.

The offshore blocks will be run and supervised by the upstream subsidiary ExxonMobil Egypt Limited, with 100 percent interest.

In December, Egypt’s minister of petroleum and mineral resources Tarek El-Molla announced plans to hold a fresh international tender for natural gas and crude oil exploration in 12 new blocks in the Mediterranean and Nile Delta regions.

Egypt inked three agreements in September to look for oil and gas reserves in the Red Sea region with major international companies, Egypt Today reported, citing El-Molla.

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