Egypt’s offshore remains a highly prospective area despite concerns over decline rates that have led to a sharp contraction in nationwide output in recent years. Newly incentivized terms have helped Cairo attract a wealth of major energy firms in recent months, most prominent amongst them a pair of US majors.
ExxonMobil and Chevron have been increasing their Egypt offshore footprint in recent years and this week saw the pair acquire deep offshore acreage adjacent to their existing blocks in the region. (CONTINUED - 808 WORDS)
