Egypt, ExxonMobil Sign MoU to Boost Exploration

A memorandum of understanding has been signed between the Egyptian natural gas company “EGAS” and ExxonMobil Egypt Upstream Limited to lay the necessary foundations for the development of the system of agreements in the case of ExxonMobil achieving positive results in the Cairo maritime region and the Egyptian maritime region. The MoU will motivate the company to prepare an integrated development plan for those areas in case of positive results for excavations, especially that the company has completed a 3D seismic survey of about 11 thousand square kilometers and is currently evaluating that data in preparation for the start At the excavator programs.

It is worth mentioning that the agreement will be a stimulus for companies to carry out explorations seriously, and it will allow the government and companies to share the expected profits in the case of making large discoveries and achieving greater profits than expected profits and putting the government’s share in a close range to the global market.

The Ministry says it spares no effort to provide all the necessary support to the companies.

“The seriousness in pumping new investments within the framework of the Ministry’s quest to increase the volume of production and meet different consumer and development needs.”