KEY POINTS
- President El-Sisi met ExxonMobil’s global exploration chief to discuss progress and cooperation in Egypt’s Mediterranean oil and gas concessions.
- The talks follow ExxonMobil’s 3D seismic survey covering 11,000 square kilometres, with drilling preparation now underway.
- A new MoU between EGAS and ExxonMobil seeks to develop an integrated exploration and production framework if discoveries prove successful.
President Abdel Fattah El-Sisi has held discussions with ExxonMobil’s Vice President for Global Exploration, John Ardill, on the future of the American energy giant’s operations in Egypt, with talks centring on new exploration efforts in the Mediterranean and plans to strengthen the country’s position as a regional energy hub.
The meeting, attended by Prime Minister Mostafa Madbouly and Minister of Petroleum and Mineral Resources Karim Badawi, reviewed the progress of ExxonMobil’s work in its concession areas, particularly in the Cairo and Masry offshore blocks.
Ardill presented an update on the company’s exploration activities, noting that ExxonMobil is deploying advanced drilling technologies to fast-track upstream operations following extensive seismic surveys.
Egypt Eyes Greater Energy Partnerships as Exploration Accelerates
ExxonMobil has intensified its exploration efforts in Egypt’s Mediterranean basin, where recent seismic studies have revealed promising geological structures. The company completed a 3D seismic survey spanning more than 11,000 square kilometres earlier this year, with data analysis now underway ahead of planned drilling operations.
In April, the Egyptian Natural Gas Holding Company (EGAS) signed a preliminary Memorandum of Understanding with ExxonMobil Egypt Upstream Ltd. to establish a new framework for exploration and development in the Cairo and Masry concession areas.
The agreement aims to pave the way for an integrated development plan should exploratory drilling yield successful results.
El-Sisi, during the talks, reaffirmed Egypt’s commitment to supporting international partners and sustaining the momentum of energy reforms that have drawn global investment into the country’s oil and gas industry.
He highlighted that Egypt’s strategic geographic position and infrastructure including its LNG facilities and access to European markets, continue to make it a vital node in the global energy supply chain.
For ExxonMobil, the engagement marks a deepening of its long-term presence in Egypt’s energy landscape, where it sees growing opportunities to expand production and strengthen cooperation with the government in achieving shared energy security goals.
