Chevron Corp. signed an agreement with Egyptian Natural Gas Holding Company (EGAS) for the exploration of the Lotus oil and gas block on the Egyptian shelf of the Mediterranean Sea. This is reported in a press release from the Ministry of Petroleum and Mineral Resources (MoPMR) of Egypt.
The agreement provides for the drilling of two exploration wells and the processing of 3D seismic data. The Lotus block is located 200 km offshore Egypt at a depth of 2-2.8 thousand m. The minimum investment under the agreement will be $88 million.
Chevron invests in 6 offshore projects in Egypt, including Lotus, Nargis, North El Dabaa, North West Atoll, North Simian and North Cleopatra.
The Egyptian Government is interested in expanding the exploration map as a key strategy to increase domestic oil and natural gas production. The authorities intend to offer new sites and accumulated geological and seismic data to international companies.
As part of the 5-year program, it is planned to drill 480 wells with a total investment of 5.7 billion, and in 2026 drill more than 100 new wells in the most promising oil and gas regions of the country.
Chevron Corp. is an American integrated energy company and one of the largest corporations in the world producing oil, natural gas, transportation fuels, lubricants, and technologies. The main reserves of the deposits are located in the USA (29%), Australia (20%) and Kazakhstan (18%). Chevron operates an extensive network of gas stations under the Chevron, Texaco and Caltex brands and is a supplier of aviation fuel to 90 airports around the world. The headquarters has been located in Houston (Texas) since 2024.
Egyptian Natural Gas Holding Company is an Egyptian state—owned company with assets in various gas projects. The headquarters is located in Cairo (Egypt).
