IRVING, Texas, Jan. 4 /PRNewswire/ -- Exxon Mobil Corporation (NYSE: XOM)
today announced that its Egyptian affiliate, Esso Exploration and Production
Egypt, Ltd. (EEPEL), has acquired from Shell Egypt Deepwater B.V. a 25 percent
interest in the Egypt NORTHEAST MEDITERRANEAN (NEMED) Block. Shell retains a
75 percent interest in the block.
The block covers approximately 10 million acres and is located in water
depths ranging from 2,600 to nearly 9,800 feet (800 to nearly 3,000 meters).
It encompasses the majority of the deepwater Nile Delta area of the eastern
Mediterranean Sea. To put its size into perspective, the block is about one-
half of the size of the entire U.S. Gulf of Mexico deepwater area.
David I. McEvoy, president of EEPEL, said, "We are very pleased to have
this opportunity to re-enter the Egyptian upstream. The size of the block and
the deepwater operating environment present some geotechnical and development
challenges, but we are confident that they will be met by the combined
technical, managerial and financial strengths of ExxonMobil and Shell."
The acquisition of this interest is another significant addition to
ExxonMobil's substantial portfolio of deepwater acreage. During 1999,
ExxonMobil's deepwater acreage additions totaled 60 million acres. ExxonMobil
now has interests in more than 800 deepwater blocks around the world covering
approximately 137 million acres.
SOURCE Exxon Mobil Corporation
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Jill Johnson of Exxon Mobil Corporation,
972-444-1170
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