ExxonMobil plans to drill two exploratory natural gas wells in Egypt’s Mediterranean, specifically in the Cairo and Misri concessions, during Q1 2026, according to a government source cited by Asharq Business.
The drilling project is expected to cost approximately $240 million, averaging over $120 million per well, the source revealed.
ExxonMobil secured the Cairo and Misri concessions in January 2023, covering a total of 11,400 square kilometers with water depths between 2,000 and 3,000 meters.
Currently, the company is wrapping up seismic surveys in both areas, with preliminary data suggesting promising natural gas reserves.
The exact volume of these reserves will only be confirmed once drilling operations commence.
In 2022, Qatar Energy acquired a 40% share in the Cairo and Misri concessions through a partnership agreement with ExxonMobil.
source: Zawya.com
African Energy Council