Egyptian Natural Gas Holding Company (EGAS) and ExxonMobil have signed a memorandum of understanding (MoU) to strengthen the collaboration for Mediterranean Sea oil and gas exploration.
The MoU was signed to establish the necessary foundations for developing the agreements system if ExxonMobil Egypt, ExxonMobil’s Egyptian subsidiary, achieves positive results in the Cairo and Masry exploration areas in the Mediterranean Sea, which the company secured in November 2023.
It will serve as an incentive for the company to prepare an integrated development plan for these areas in the event of positive exploration drilling results.
ExxonMobil has completed a 3D seismic survey over an area of about 11,000 square kilometers, and the evaluation of that data is currently underway in preparation for the start of exploratory drilling programs.
“It is worth noting that the agreement will serve as an incentive for companies to carry out exploration operations seriously, and will also allow the government and the companies to share the expected gains if major discoveries are achieved, resulting in higher-than-expected profits, while aligning the government's share closer to global market standards,” the Egyptian Ministry of Petroleum and Mineral Resources said.
To remind, ExxonMobil Egypt made a gas discovery as part of a drilling campaign in the North Marakia Block offshore Egypt earlier in 2025.