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Exxonmobil eyeing oil and gas exploration in Egypt

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The president of ExxonMobil Exploration Company, Steve Greenlee, has said, during a meeting with Egyptian Minister of Petroleum Tarek El-Molla, that the company is looking to invest in Egypt for the first time by participating in energy exploration and production activities.

Greenlee said that the company is interested in the bid rounds launched by the Egyptian oil and gas sector for exploration in the Mediterranean and Red Sea.

The duo who met on the sidelines of CERAWeek affirmed that Exxonmobil’s decision to invest in Egypt’s E&P field will have a positive return on the Egyptian oil and gas industry, increasing the presence of international oil companies in Egypt and pumping more investments.

Egypt’s petroleum minister also held talks with Francis R. Fannon, the Assistant Secretary for the Bureau of Energy Resources (ENR) at the US Department of State, to discuss promoting bilateral cooperation in the petroleum and natural gas sector. El-Molla also attended a plenary meeting of the American Chamber of Commerce and met with Apache CEO John J Christmann to discuss the company’s action plan in oil and gas exploration in Egypt’s Western Desert.

Source ahramonline
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