As part of the Ministry of Petroleum and Mineral Resources' participation in the British Egyptian Business Association (BEBA) delegation in London, Engineer Kareem Badawi, the Minister of Petroleum and Mineral Resources, held a meeting with officials from ExxonMobil. The meeting was attended by Ambassador Sherif Kamel, Egypt’s ambassador to London, and Engineer Moataz Atef, the Ministry’s Undersecretary for the Minister's Office Affairs and Technical Office, as well as the official spokesperson for the Ministry.

The meeting discussed key areas of mutual cooperation, particularly the company's activities and plans in exploration and field development. Discussions also included enabling the export of part of the company’s future production through Egypt's robust infrastructure, mechanisms for profit sharing, and gas pricing caps to reach mutually agreeable terms.

Both sides expressed their intention to sign a Letter of Intent during the upcoming Egypt Petroleum Show EGYPS, reaffirming their commitment to strengthening collaboration. ExxonMobil officials also voiced their aspiration to meet with Egypt’s President to present the company’s investment plans in the country.

These efforts align with ExxonMobil's strategy to enhance its presence in Egypt’s exploration and field development sector. The company is set to commence offshore drilling operations on December 15 in the North Marakia Offshore Concession in the Western Mediterranean. This aligns with the Ministry’s strategy to foster partnerships with international companies, attract further investments, boost production rates, and maximize the value of Egypt's natural resources and infrastructure.