Egypt, ExxonMobil Ink Two Agreements Worth $332 MM

Published on : 2020-01-30

The two agreements are worth $332 million, with a signature bonus of around $17 million to drill seven wells.

The signature was conducted between El Molla; EGAS Chairman, Osama El Bakly; and the East Mediterranean Exploration Manager at ExxonMobil, Don Bagley, in the presence of other petroleum leaders.

The first agreement was signed for conducting E&P activities in the East Ameryah offshore with investments reaching around $220 million and a signature bonus of $10 million to drill four wells. Meanwhile, the second one was signed for E&P activities in North Marakia offshore with investments worth $112 million and a signature bonus of around $7 million to drill three wells.

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