{"id":660057,"date":"2025-02-05T00:00:00","date_gmt":"2025-02-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/02\/05\/exxonmobil-to-begin-drilling-long-awaited-exploratory-gas-wells-in-early-2026\/"},"modified":"2025-02-05T00:00:00","modified_gmt":"2025-02-05T00:00:00","slug":"exxonmobil-to-begin-drilling-long-awaited-exploratory-gas-wells-in-early-2026","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/02\/05\/exxonmobil-to-begin-drilling-long-awaited-exploratory-gas-wells-in-early-2026\/","title":{"rendered":"ExxonMobil to begin drilling long-awaited exploratory gas wells in early 2026"},"content":{"rendered":"

Good afternoon, wonderful people, and welcome to the almost-weekend<\/strong>. Today\u2019s issue is full to the brim, and includes a discussion with Mashreq Egypt\u2019s Mohamed Talaat about recent trends in Egypt\u2019s banking sector, as well as the challenges and the opportunities to expect this year.<\/p>\n

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THE BIG STORY TODAY<\/p>\n

ExxonMobil to invest USD 240 mn in two new exploratory gas wells: <\/strong>US energy giant ExxonMobil plans to drill two offshore gas exploration wells in its Cairo and Masry concessions in the eastern Mediterranean beginning in 1Q 2026, with initial investments of USD 240 mn, a source told Asharq Business<\/a>. Both concession areas were awarded to ExxonMobil in January 2023, with the company currently holding a 60% stake in the concessions after offloading a 40% stake<\/a> to Qatari state-owned oil and gas company Qatar Energy last year under a farm-in agreement.<\/p>\n

The wells are coming later than expected:<\/strong> We heard back in February 2024<\/a> that ExxonMobil would begin exploring for gas in the two concessions by the end of the year. At the time, the price tag was expected to come in around the USD 200 mn mark.<\/p>\n

ICYMI: <\/strong>The energy giant announced last month<\/a> that it had found natural gas at its North Marakia offshore concession after drilling at the block began in mid-December. The exploratory well \u2014 ExxonMobil\u2019s first in Egypt \u2014 has reportedly seen investments of USD 100 mn in the first phase of the exploration process. ExxonMobil owns 60% of the Mediterranean\u2019s North Marakia offshore concession, while Qatar Energy owns the remaining 40%.<\/p>\n

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THE BIG STORY ABROAD<\/p>\n

Donald Trump\u2019s bizarre plan to take over Gaza and clear out the Palestinians from the <\/strong>enclave is still dominating the world\u2019s digital front pages. <\/strong>All major outlets are leading the news with yesterday\u2019s meeting between Trump and Israeli PM Benjamin Netanyahu, which saw Trump suggest that the US would seize control of Gaza, displace its entire 2 mn population, and turn it into a hospitality and tourism mega project.<\/p>\n

Allies and enemies alike are denouncing the plan,<\/strong> including Egypt, Jordan, Saudi Arabia, and Hamas. While Egypt and Jordan had already refused to take in Palestinians living in Gaza per Trump\u2019s suggestion, Saudi Arabia reaffirmed its support for an independent Palestinian state, with the country\u2019s foreign ministry saying that it \u201cwill not establish diplomatic relations with Israel without that\u201d in a post on X<\/a>. Turkey and France have also rejected the plan, and Russia, China, Spain, Ireland, and the UK have reiterated their support for an independent Palestinian state in response to Trump\u2019s statements.<\/p>\n

All major international news outlets are covering the news:<\/strong> Reuters<\/a> | NYT<\/a> | CNN<\/a> | BBC<\/a> | The Guardian<\/a> | FT<\/a> <\/p>\n

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