Exxon Mobil (XOM.N ) is considering a foray into Egypt offshore oil and gas, seeking to replicate rivals’ success in the country and boost its reserves, officials and industry sources said. Officials from the world’s largest listed oil producer recently held talks with Egypt’s petroleum ministry to discuss investments in oil and gas production, known as upstream operations, Petroleum Minister Tarek El Molla told Reuters. Exxon is also close to signing a deal to explore for oil and gas off Mauritania, its oil, energy and mines director said on Wednesday. In 2016, Exxon’s stockpile of total proved oil reserves fell 4 percent to 7.75 billion barrels. Exxon’s oil production up to the end of the third quarter stood at 3.9 million barrels of oil equivalent per day, down about 6 percent from the end of 2016.

Source: Egypt Independent December 04, 2017 09:51 UTC