ExxonMobil has signed a memorandum of understanding (MoU) with the Egyptian Natural Gas Holding Company (EGAS) to expand its natural gas exploration activities in the Mediterranean Sea, marking a new chapter in the company’s partnership with Egypt.
The agreement was signed on the sidelines of the ADIPEC 2025 conference in Abu Dhabi, in the presence of Minister of Petroleum and Mineral Resources Karim Badawi and John Ardill, ExxonMobil’s Vice President of Global Exploration.
Under the MoU, ExxonMobil will invest in a new concession area located west of the Zohr field, adjacent to Cypriot waters. The move will increase the company’s number of offshore operating areas in Egypt to four, underscoring its confidence in Egypt’s investment-friendly petroleum sector and the exploration potential of the Eastern Mediterranean region.
Aligned with the first pillar of Egypt’s petroleum strategy, the agreement also contributes to enhancing Egypt’s gas infrastructure and connectivity, helping the country strengthen its position as a regional hub for gas trade and transportation in the Eastern Mediterranean.
Following the signing, Minister Badawi and Ardill held a meeting to discuss ExxonMobil’s upcoming exploration plans in Egypt, which include drilling new gas wells in the Masry and Cairo offshore concession areas. The discussions highlighted the importance of accelerating exploration activities, particularly after the introduction of a new profitability factor system designed to attract investment in untapped regions.
The meeting also reviewed the progress of the North Marakia concession, home to the Nefertari-1 discovery, where both parties emphasized the need to expedite the development and early production of the field.
The agreement reinforces ExxonMobil’s long-term commitment to Egypt and its growing role in unlocking the energy potential of the Eastern Mediterranean.
2025 witnessed several investments for ExxonMobil in Egypt including in the upstream, downstream, education and the social responsibility projects.
