The two offshore blocks – which are named Masry and Cairo – stretch over an area of 11,000 square kilometres, according to a statement by the US oil and gas company.
Exploration is expected to begin in 2023 after the government grants its final approval.
"The addition of these blocks will further strengthen ExxonMobil’s exploration portfolio in Egypt and the East Mediterranean," the statement quoted ExxonMobil Vice President of Global Exploration John Ardill as saying.
"We look forward to working with the government to explore this frontier area, utilising ExxonMobil’s proven expertise and advanced technology," he added.
The offshore blocks will be run and supervised by the upstream subsidiary ExxonMobil Egypt Limited, with 100 percent interest, said the statement.
"Building on our successful business and strong partnership in Egypt’s growth, ExxonMobil looks forward to continue to play a key role in the development of Egypt’s resources," said Chairman & Managing Director for ExxonMobil Egypt Amr Abou Eita.
"We value our collaboration with the Egyptian government and are excited about these new exploration opportunities," he said.
In December, as part of a strategy to intensify exploration activities in the Mediterranean and increase production of natural gas, Minister of Petroleum and Mineral resources Tarek El-Molla announced plans to hold a fresh international tender for natural gas and crude oil exploration in 12 new blocks in the Mediterranean and Nile Delta regions.
It was the third tender to be put forward through Egypt’s digital portal for exploration and production that was launched early 2021, El-Molla explained at the time.
In the period between FY2013/14 to FY2021/22, Egypt signed 108 agreements with international companies for the excavation of gas and petrol with a minimum investment value of $22 billion. This led to an increase in production to 69.2 billion cubic metres (bcm) in 2021/22 compared to 41.6 bcm in 2015/16, a growth rate of 66.3 percent.
Short link: