Arab Finance: The American energy giant ExxonMobil achieved a new gas discovery in the North Marakia offshore concession in the Mediterranean Sea, after drilling work began in the concession in mid-December, according to a report issued by the “Mays” website, which specializes in energy news.
The size of the new discovery's reserves has not yet been determined, but pre-drilling estimates amounted to about 3.5 trillion cubic feet. This is the first exploratory well for ExxonMobil in Egypt.
It is worth noting that previous reports indicated that the company invested $100 million in the first phase of the exploration process. ExxonMobil owns 60% of the North Marakia offshore concession in the Mediterranean, while state-owned Qatar Energy Company owns the remaining 40%.
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