ExxonMobil, QatarEnergy plan new gas exploration wells in Egypt’s eastern Mediterranean

US energy major ExxonMobil (NYSE:XOM) and QatarEnergy are planning to drill new exploratory wells in the eastern Mediterranean by the end of 2026, Al Borsa reported, quoting John Ardill, Vice President for Global Exploration at ExxonMobil.

The two companies are currently advancing deepwater exploration programmes in the Cairo and Masri offshore concession areas, aiming to identify significant natural gas resources to support Egypt’s economy. Ardill confirmed that efforts are underway to contract a drilling vessel to begin operations in both locations before year-end.

The announcement followed a meeting between Egyptian President Abdel Fattah El-Sisi and Ardill, attended by PM Mostafa Madbouly, Petroleum Minister Karim Badawi, and senior company officials, according to a statement from the presidency.

During the meeting, Ardill noted recent successes by the Egyptian government in attracting increased investment into oil and gas exploration activities. He also outlined ExxonMobil’s future plans to develop the Glaucus and Pegasus gas fields in Cyprus’s Block 10, with the potential to transport gas to Egypt for liquefaction, benefiting Egypt, Cyprus, and investors.

Presidential spokesperson Mohamed El-Shennawy said the meeting comes as part of the Egyptian government's efforts to closely monitor exploration activities and strengthen partnerships with global energy companies. El-Sisi reiterated the government’s support for investors and its intention to remove any obstacles to exploration, while confirming the importance of new gas discoveries amid current geopolitical challenges.

British energy major BP (LSE: BP) said earlier it was planning to strengthen its presence in Egypt and expand its operations. Italian energy group Eni (BIT:ENI) also said it would invest $2bn in Egypt’s energy sector before the end of 2026. The aim is to expand exploration activities and boost production from existing fields to meet domestic demand and enhance exports.