Egypt Daily News – ExxonMobil invested up to $150 million in the concession that includes the discovery in the Mediterranean Sea. The American company is seeking to sell its only gas discovery in Egypt, “Nefertari-1,” due to its limited economic viability for the company, according to two government officials who spoke on condition of anonymity.
ExxonMobil had announced in January that it made a gas discovery in the “North Marakia” basin after successfully drilling the “Nefertari-1” exploration well in the Mediterranean.
The Eastern Mediterranean has become a major exploration hub in recent years, following several natural gas discoveries off the coast of Israel in 2009 and 2010.
North Marakia Concession
Egypt awarded the North Marakia exploration concession to ExxonMobil in 2019. The basin covers an area of 4,847 square kilometers.
One of the officials told Asharq that “ExxonMobil believes the discovery does not align with its portfolio in terms of the reserves needed to initiate development and production operations. The company focuses on discoveries with reserves exceeding 4 trillion cubic feet of gas, which is not the case here.”
ExxonMobil and Egypt’s Ministry of Petroleum did not respond to Asharq’s requests for comment.
Investments in Nefertari-1
The other official stated that the American company invested “around $150 million in the concession area, including seismic surveys and the drilling of the first exploration well in the region.” He added that “QatarEnergy’s position—holding a stake in the new discovery—is still unclear, and it’s not yet known whether it will continue or exit.”
QatarEnergy owns a 40% stake in the North Marakia offshore concession in the Mediterranean Sea, while ExxonMobil holds the remaining 60%.
The area of “Nefertari-1″has been under the control of ExxonMobil since 2019, and since 2022. Smaller fields have been discovered in Egypt in recent years, but their economic potential has not been realized due to regulatory delays and lack of infrastructure. Egypt is seeking to return to being a major player on the regional energy map, supported by gas fields planned by companies such as BP, as well as programs to increase production at the Zohr field.
