ExxonMobil said on Monday it acquired more than 1.7 million acres for exploration offshore Egypt.
The acquisition includes 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 remaining 543,000 acres is in the North East El Amriya Offshore block in the Nile Delta.
ExxonMobil will operate both blocks and hold 100% interest. Operations, including acquisition of seismic data, are scheduled to begin in 2020.
“These awards strengthen our exploration portfolio in the Eastern Mediterranean,” said Mike Cousins, senior vice president of exploration and new ventures at ExxonMobil. “We look forward to working with the government and deploying our proven expertise and advanced technology.”