EGAS, ExxonMobil sign deal to expand gas exploration, production in Mediterranean
Updated 11/4/2025 2:30:00 PMArab Finance: The Egyptian Natural Gas Holding Company (EGAS) and ExxonMobil signed a letter of intent (LoI) to expand their natural gas exploration and production activities in the Mediterranean, according to a statement.
Minister of Petroleum and Mineral Resources Karim Badawi witnessed the signing on the sidelines of the ADIPEC 2025 conference in Abu Dhabi.
Under the deal, ExxonMobil plans to invest in a new concession area west of the Zohr field, bordering Cyprus. This will boost the company's investments in the Eastern Mediterranean and increase its number of offshore areas of operation in Egypt to four.
This expansion comes as part of the first pillar of the Ministry of Petroleum's strategy, which aims to expand production rates, intensify drilling and exploration activities, and attract more foreign investment in this sector.
On his part, Badawi held a meeting with the Vice President of ExxonMobil to review the company's plans in Egypt.
ExxonMobil will drill new exploratory gas wells in the Masry and Cairo offshore blocks in the Mediterranean Sea.
They also touched upon the latest development of the North Marakia offshore concession, where the "Nefertari-1" discovery was made.
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