The stock of Exxon Mobil Corporation (NYSE:XOM) closed at $83.57 gaining 0.13% in yesterday’s trading session. Exxon has expressed interest in Egypt’s offshore oil and gas and it will be targeting replicating the success achieved by its rival in the country.
This world’s largest listed oil producer is not willing to leave anything to chance and that is the reason it recently sent out a number of its officials to engage in talks with Egypt’s petroleum ministry. Petroleum Minister Tarek El Molla disclosed that it was in a bid to discuss a wide range of oil and gas production investments.
He opined, “We have been discussing with them, visiting them. They’ve visited us… We are exploring all opportunities for having more and further upstreamers in Egypt. I would be happy to have them with us.” However, he stated that to that point they had not yet settled on any solid decision.
The company wants to increase its competitive edge in the market and part of its plan will also be to explore the eastern Mediterranean offshore basin. The company’s spokesperson outlined that they had been in business for quite a long time and they understood the need for encouraging innovation as well as taking up all the growth opportunities that come their way.
Italy’s Eni (ENI.MI) has plans underway to in the course of this month commence the production of gas from the Zohr field in the Mediterranean. The company has expressed optimism saying that this is just one of its many plans in sharpening its competitive edge in the market. A top official working with it has said that this was among the company’s largest discoveries over the last decade.
Exxon has carried out its own portfolio profitability reassessment in Egypt and from the outlook matters are looking good. The company is also closely looking into numerous opportunities in the Red Sea and this is the point where Cairo is currently making a series of preparations for the tendering of exploration blocks. The interested parties are closely watching to see where the latest plan gets the company to.