US energy company ExxonMobil is preparing to start drilling operations for two natural gas exploration wells in the Cairo and Misri concessions, located in the Egyptian Mediterranean Sea. According to an unnamed government official quoted by Asharq Business, these activities will begin in the first quarter (Q1) of 2026.
The initial cost of drilling is estimated at $240 million, or more than $120 million per well. These concessions, awarded to ExxonMobil in January 2023, cover an area of 11,400 square kilometres, with water depths of between 2,000 and 3,000 metres.
ExxonMobil is currently finalising seismic studies on these sites. Initial results indicate a high probability of natural gas reserves, although the precise extent of these reserves can only be confirmed once drilling has begun.
In 2022, Qatar Energy acquired a 40% stake in these concessions under an agreement with ExxonMobil. This strategic alliance strengthens the cooperation between the two companies in the exploration of energy resources in the Mediterranean Sea.
This project represents a major step forward in natural gas exploration in Egypt, strengthening the country's position as a regional energy hub.