Arab Finance: President Abdel Fattah El-Sisi received the Vice President of Global Exploration at ExxonMobil John Ardill and followed up on the company's ongoing exploration activities in Egypt, according to a statement.
El-Sisi affirmed Egypt’s commitment to strengthening and developing its relations with ExxonMobil, Spokesman for the Presidency Mohamed El-Shennawy highlighted.
The president reviewed the government’s efforts to enhance Egypt’s regional and global position in the energy sector by fostering partnerships and creating policies aimed at improving the business environment for both domestic and foreign investments.
For his part, Ardill noted that ExxonMobil is cooperating with QatarEnergy to scale exploration activities across the two concession areas in the Mediterranean.
The two companies plan to begin a drilling program in the Eastern Mediterranean by the end of 2026, starting with the drilling of an exploratory well in Masry and Cairo.
Moreover, Ardill outlined an overview of the company’s future plans regarding major discoveries in the Glaucus and Pegasus fields in Cyprus block 10.
He also explained ways to develop gas production from these fields through an innovative concept that benefits Cyprus, Egypt, and investors.
