Exxon Mobil (XOM) has reportedly held talks with Egypt's petroleum minister and may consider a move into the Middle East country's offshore oil and gas as it look to increase its reserves.
In 2016, Egypt had reserves of 3.5 billion barrels of oil and 1.8 trillion cubic meters of gas, noted BP's Statistical Review of World Energy.
Exxon investment would be in oil and gas production, or upstream operations, according to Petroleum Minister Tarek El Molla, reports Reuters.
"We have been discussing with them, visiting them. They've visited us... We are exploring all opportunities for having more and further upstreamers in Egypt," Molla said to Reuters on the sidelines of an OPEC meeting in Vienna.
Shares of Exxon were higher in premarket trading on Monday. The company had no comment.
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