Egypt: Exxon acquires over 1.7 million exploration offshore acreage

Exxon Mobil Corp said on Monday it had acquired more than 1.7 million acres for exploration offshore Egypt, strengthening its portfolio in the eastern Mediterranean.

Egypt Petroleum Minister Tarek El Molla had said that the country expects investments of at least $750 million to $800 million in the first stage of exploration in the total of 12 concessions announced in February.

Italy’s Eni’s discovery of the giant Zohr field in 2015, the largest in the Mediterranean and estimated to hold about 30 trillion cubic feet of gas, has raised interest in exploration in Egypt, with the country reaching maritime demarcation agreements with several countries in the region.