ExxonMobil: buys two Egypt offshore exploration blocks

(CercleFinance.com) - ExxonMobil said on Monday that it has acquired more than 1.
7 million acres for exploration offshore Egypt to strengthen its portfolio in the Eastern Mediterranean.

The US oil giant will operate a block approximately five miles offshore Egypt's northern coast and another one in the Nile Delta. It will hold 100% of both blocks.

Operations, including acquisition of seismic data, are scheduled to begin in 2020.

ExxonMobil has been marketing fuels, lubricants and specialties in Egypt since 1902.

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