ExxonMobil (XOM) Bolsters Egypt Offshore Exploration Ties

Exxon Mobil Corporation (XOM) and QatarEnergy, a state-owned energy titan, have signed a framework agreement to acquire two offshore exploration sites off Egypt’s coast.Per the deal, QatarEnergy will hold a 40% stake in the Masry and Cairo concessions, with ExxonMobil retaining a 60% working interest. This partnership, pending approval from the Egyptian government, marks a significant expansion in the offshore exploration endeavors of both companies.The Masry and Cairo concessions, located off the north coa ...