US major ExxonMobil (60%, operator) and partner QatarEnergy (40%) have relinquished their North Marakia block in Egypt’s West Mediterranean offshore region, MEES learns. Despite making the Nefertari discovery in January last year with its first offshore Egypt well (MEES, 10 January 2025), the US major has decided against entering the concession’s second exploration phase that would commit the partners to developing the field.
Local Egyptian media reported last year that Exxon was looking to sell its stakes at North Marakia, but it evidently found no takers (MEES, 2 May 2025). Instead, the acreage has been returned to state firm EGAS. UK majors BP and Shell could look to take the block from EGAS directly, as both firms have under-utilized infrastructure with spare capacity relatively close by. (CONTINUED - 249 WORDS)
