• 3 days Nuclear Bomb = Nuclear War: Saudi Arabia Will Develop Nuclear Bomb If Iran Does
  • 3 days Statoil Changes Name
  • 3 days Tillerson just sacked ... how will market react?
  • 2 days Russian hackers targeted American energy grid
  • 2 days Is $71 As Good As It Gets For Oil Bulls This Year?
  • 4 days Petrobras Narrows 2017 Loss, Net Debt Falls Below $85bn
  • 4 days Proton battery-alternative for lithium?
  • 3 days Ford Recalls 1.38 Million Vehicles (North America) For Loose Steering Wheel Bolt
  • 2 days Oil Boom Will Help Ghana To Be One Of The Fastest Growing¨Economies By 2018!
  • 2 days Country With Biggest Oil Reserves Biggest Threat to World Economy
  • 3 days I vote for Exxon
  • 2 days HAPPY RIG COUNT DAY!!
  • 4 days UK vs. Russia - Britain Expels 23 Russian Diplomats Over Chemical Attack On Ex-Spy.
  • 3 days Why is gold soooo boring?
  • 3 days South Korea Would Suspend Five Coal - Fire Power Plants.
  • 2 days Spotify to file $1 billion IPO

Exxon Looks To Enter Egypt’s Upstream Oil And Gas


ExxonMobil is exploring opportunities to enter Egypt’s upstream oil and gas sector, after the 2015 discovery of a huge gas deposit in the Mediterranean offshore Egypt, industry sources and Egyptian officials have told Reuters.

Currently, Exxon only operates in Egypt’s downstream, with more than 350 service stations, over 20 Mobil 1 Centers, and exports of lubricants and products to more than 25 countries in Africa, the Middle East, Europe, and the Far East.

Exxon officials have held talks with the Egyptian petroleum ministry over potential investments in oil and gas production, Egypt’s Petroleum Minister Tarek El Molla told Reuters on the sidelines of OPEC and partners’ meeting in Vienna last week.

“We have been discussing with them, visiting them. They’ve visited us... We are exploring all opportunities for having more and further upstreamers in Egypt,” Molla told Reuters.

“I would be happy to have them with us,” the minister said, remarking that no decision had been made yet. 

According to industry sources who spoke to Reuters, Exxon is studying potentially entering the offshore of the eastern Mediterranean and the Red Sea.

Related: Iran’s Elaborate Sanction-Skirting Scheme

In the Mediterranean offshore Egypt, Eni discovered in July 2015 the huge Zohr field that the Italian oil major says has a total potential of 850 billion cubic meters of gas in place and is the largest natural gas field ever discovered in the Mediterranean. Eni has divested minority stakes in the Zohr field to BP and to Russia’s Rosneft, and plans to start production at Zohr by the end of this year.

According to a source familiar with Exxon’s plans, “After Zohr there was a reassessment of the portfolio profitability in Egypt” by Exxon, the source told Reuters, and added that the U.S. supermajor was targeting “tier one assets” with significant potential.

More industry sources said that Exxon could be studying possible operations in the Red Sea, where Egypt plans to tender oil and gas blocks for exploration.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News