Egypt Chevron Sign $88 Million Mediterranean Exploration Deal

Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, presided over the signing of an $88 million agreement between the Egyptian Natural Gas Holding Company (EGAS) and Chevron Egypt Holdings Ltd. The deal focuses on oil and gas exploration in the Lotus offshore area of the Mediterranean Sea.

The agreement, signed by EGAS Executive Managing Director Sayed Selim and Chevron Exploration Manager Andrew Degan, includes plans to drill two exploratory wells and reprocess three-dimensional seismic data in waters ranging from 2,000 to 2,800 meters deep, roughly 200 km off the Mediterranean coast.

Badawi emphasized that expanding Egypt’s exploration efforts is a core part of the ministry’s strategy to boost domestic oil and gas production. He noted that recent measures to resolve investment partner dues have enhanced confidence in Egypt’s petroleum sector, encouraging more investment and exploration activities.

Chevron is already active in six offshore exploration areas in Egypt, including Nargis, North El Dabaa, and North Cleopatra, where it collaborates with Shell. In April, the Egyptian Cabinet approved a draft concession agreement for the Lotus area, requiring a minimum investment of $85 million.