Egypt Bags Exxon As Shell Steps Up Commitment

Exxon has taken a highly contested block offshore Egypt, whilst Shell took five blocks both on- and offshore. But a swathe of deepwater acreage went unawarded.

This week’s Egypt Petroleum Show (EGYPS) in Cairo was intended as a statement that Egypt’s upstream is back and back big. And by and large it achieved this aim, with the CEOs of Total and BP joining oil minister Tarek El Molla in singing Egypt’s praises.

A gleaming Mr Molla says ExxonMobil’s entry into Egypt adds “flavor to Egypt’s market and oil and gas sector.”

But the results of Egypt’s two 2018 bid rounds, announced with much fanfare on 12 February, the second day of the conference, were decidedly mixed.

State firm Egas’ offering of 16 mostly offshore Mediterranean blocks was the more eagerly awaited. But only five were awarded. (CONTINUED - 2366 WORDS)

DATA INSIDE THIS ARTICLE

chart Egypt Gas Output At Record Levels As Zohr Ramps Up (Bn Cfd)
table EGAS 2018 Bid Round: Exxon, Shell The Big Winners But Only Five Of 16 Blocks Awarded
table Egypt: EGPC Bid Round Awards