Egypt, ExxonMobil sign two offshore Mediterranean exploration agreements

Egypt has signed two deals with Exxon Mobil Corp for oil and gas exploration in the Mediterranean, the petroleum ministry said. 

The deals involve a minimum investment of $332 million, the ministry said in a statement. Exxon Mobil announced the acquisition of more than 1.7 million acres last month. 

The first agreement is for exploration in the North East Amriya block, with a minimum investment of $220 million, the ministry said. The second is for the North Marakia block, with a minimum investment of $112 million. 

The ministry said the Exxon Mobil agreements bring the total number of deals with investors to 82 since 2014, with a total minimum investment of about $16 billion for the drilling of 340 wells.