Egypt and ExxonMobil initiate cooperation on Cypriot gas extraction

Egypt, ExxonMobil, and QatarEnergy have launched the initial executive stages for connecting Cypriot natural gas fields to Egyptian infrastructure. Following a Memorandum of Understanding signed in the presence of Egyptian Prime Minister Mostafa Madbouli, Egyptian Minister of Petroleum and Mineral Resources Karim Badawi met with ExxonMobil executives, including VP Kenan Nariman and Egypt President Diaa Suhail, in New Alamein. The parties agreed to establish joint technical, commercial, and regulatory committees to define implementation schedules and conduct necessary studies.

The primary objective of this partnership is to utilize Egypt's liquefaction facilities to export natural gas from Cypriot offshore discoveries to international markets. These efforts aim to transform the agreement into viable projects that generate economic value for all involved parties. Minister Badawi highlighted the Final Investment Decision as a critical milestone for future development. Meanwhile, in related regional developments, ENI and TotalEnergies recently reached a final investment decision for the Cronos field, while Shell announced the potential sale of its 35% stake in the Aphrodite field to the MOL Group, pending government approval.