US oil and gas major ExxonMobil has acquired more than 1.7 million acres for exploration offshore Egypt.
The company has acquired acreage in the 1.2 million North Marakia Offshore block, which is located approximately five miles offshore Egypt’s northern coast in the Herodotus basin.
The acquisition also includes 543,000 acres in the North East El Amriya Offshore block in the Nile Delta.
ExxonMobil will own 100% stake in the two offshore blocks and will be the operator.
The company is expected to begin operations, including acquisition of seismic data, on the blocks in 2020.
“ExxonMobil has been a partner in Egypt’s growth for more than 115 years, and these awards reaffirm our commitment to pursuing high-quality opportunities in the country,” said ExxonMobil Egypt chairman and managing director Hesham Elamroussy.
The acreage acquisition adds upstream interests to ExxonMobil’s long-standing downstream presence in Egypt, where it has been a major fuels, lubricants and specialties marketer since 1902.
“These awards strengthen our exploration portfolio in the Eastern Mediterranean.
“We look forward to working with the government and deploying our proven expertise and advanced technology,” said Mike Cousins, senior vice president of exploration and new ventures at ExxonMobil.
Recently, the company has announced an oil discovery offshore Guyana at the Mako-1 well southeast of the Liza field.
The oil find marks the 15th discovery on the Stabroek Block, which was previously estimated to contain recoverable resource of more than six billion oil-equivalent barrels.
The Stabroek Block began producing oil 20 December 2019, with the first phase of the Liza field coming online.
The Liza Phase 1 development project consists of the Liza Destiny floating, production, storage and offloading (FPSO) vessel moored 190km offshore Guyana, and four subsea drill centers supporting 17 wells.
ExxonMobil affiliate Esso Exploration and Production Guyana is operator of the block, holding a stake of 45%. Hess Guyana Exploration holds 30% interest and CNOOC Petroleum Guyana, a wholly-owned subsidiary of CNOOC Limited, owns the remaining stake.