Exclusive: Exxon eyes Egypt’s offshore oil and gas - sources
▻https://www.reuters.com/article/us-exxon-mobil-egypt/exclusive-exxon-eyes-egypts-offshore-oil-and-gas-sources-idUSKBN1DY009
Exxon Mobil is considering a foray into Egypt offshore oil and gas, seeking to replicate rivals’ success in the country and boost its reserves, officials and industry sources said.
Officials from the world’s largest listed oil producer recently held talks with Egypt’s petroleum ministry to discuss investments in oil and gas production, known as upstream operations, Petroleum Minister Tarek El Molla told Reuters.
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Italy’s Eni this month is set to begin producing gas from the Zohr field in the Mediterranean, among the biggest discoveries of the past decade.
“After Zohr there was a reassessment of the portfolio profitability in Egypt” by Exxon, one source said, adding that Exxon was looking for “tier one assets” with significant potential.
Exxon is also considering opportunities in the Red Sea, where Cairo is preparing to tender exploration blocks, industry sources briefed on the matter told Reuters.
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Egypt has recently ramped up efforts to attract foreign investment in its oil sector to boost its struggling economy.
Along with Eni, and Royal Dutch Shell also have significant operations in Egypt in offshore gas production, which is consumed domestically although Cairo aims to become a gas exporter.
