Tuesday, July 29, 2025
LBNN
  • Business
  • Markets
  • Politics
  • Crypto
  • Finance
  • Energy
  • Technology
  • Taxes
  • Creator Economy
  • Wealth Management
  • Documentaries
No Result
View All Result
LBNN

Chevron sets eyes on new offshore in Egypt after Red Sea exit

Simon Osuji by Simon Osuji
May 13, 2025
in Energy
0
Chevron sets eyes on new offshore in Egypt after Red Sea exit
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter


Oil giant Chevron is currently in talks with the Egyptian government to expand its operations in the West Star block in the Mediterranean waters, positioned south of ExxonMobil’s giant Cairo and Masry blocks in the deep offshore near the Cyprus border, a report shows. 

The U.S. oil major has also submitted bids for two additional blocks offered in last year’s 12-block licensing round by the Egyptian Natural Gas Holding Company (EGAS). The results of those bids are expected in the coming months.

Although Egypt accounted for just 3% of Chevron’s global production in 2024, the company considers its growing footprint in the Eastern Mediterranean as a strategic move. 

The region has gained increased significance for Chevron since its $5 billion acquisition of Noble Energy in 2020, which gave it a foothold in one of the world’s most promising natural gas basins.

CEO Mike Wirth expressed enthusiasm about the company’s Eastern Mediterranean portfolio during a recent earnings call.

“We are excited about our entire portfolio in the Eastern Mediterranean. We’ve got promising exploration acreage offshore Egypt, and we expect to drill exploration wells there in the next couple of years.”

Chevron’s interest in the West Star block follows the recent approval of a new exploration agreement by Egypt’s Ministry of Petroleum. 

According to Bloomberg, the energy giant has committed to a minimum investment of $120 million in the initial exploration phase.

Meanwhile, Chevron has exited its Red Sea concessions due to unfruitful exploration results, ending the first phase of an exploration permit granted in 2019. 

A spokesperson for Egypt’s Petroleum Ministry confirmed that companies, including Chevron, invested millions of dollars without commercial success, though he didn’t disclose the specific figures.

Chevron has since relinquished its 45% stake in Red Sea Block 1 and redirected its focus to the more promising Mediterranean basin. 

The ongoing negotiations, which was first reported in January 2025, indicates Chevron’s long-term commitment to strengthening its upstream portfolio in the region.

Beyond Egypt, Chevron is also exploring new offshore opportunities in the Walvis Basin, located off the coast of Namibia, which further highlights its aggressive exploration strategy in Africa. 

Related



Source link

Related posts

South Africa’s Eskom to exit coal, transition fully to clean energy by 2040

The renewable dilemma: Can South Africa exit coal for power in 2040?

July 29, 2025
Egypt turns to LNG imports amid falling local gas output

Egypt turns to LNG imports amid falling local gas output

July 29, 2025
Previous Post

Golden Dome push sets stage for telecom battle over spectrum access

Next Post

WMO warns of climate impact across Africa – EnviroNews

Next Post
WMO warns of climate impact across Africa – EnviroNews

WMO warns of climate impact across Africa - EnviroNews

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

Consumers encouraged to embrace frozen seafood due to affordability, longer shelf life

Consumers encouraged to embrace frozen seafood due to affordability, longer shelf life

2 years ago
Hemedti Makes Diplomatic Tour of East Africa While RSF Fighters Gain Ground

Hemedti Makes Diplomatic Tour of East Africa While RSF Fighters Gain Ground

1 year ago
Here’s When Shiba Inu Will Surge by 1,800%

Here’s When Shiba Inu Will Surge by 1,800%

2 years ago
UAE, Indonesia ink MoU on public financial management

UAE, Indonesia ink MoU on public financial management

1 year ago

POPULAR NEWS

  • Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    0 shares
    Share 0 Tweet 0
  • The world’s top 10 most valuable car brands in 2025

    0 shares
    Share 0 Tweet 0
  • When Will SHIB Reach $1? Here’s What ChatGPT Says

    0 shares
    Share 0 Tweet 0
  • Top 10 African countries with the highest GDP per capita in 2025

    0 shares
    Share 0 Tweet 0
  • Global ranking of Top 5 smartphone brands in Q3, 2024

    0 shares
    Share 0 Tweet 0
  • Privacy Policy
  • Contact

© 2023 LBNN - All rights reserved.

No Result
View All Result
  • Home
  • Business
  • Politics
  • Markets
  • Crypto
  • Economics
    • Manufacturing
    • Real Estate
    • Infrastructure
  • Finance
  • Energy
  • Creator Economy
  • Wealth Management
  • Taxes
  • Telecoms
  • Military & Defense
  • Careers
  • Technology
  • Artificial Intelligence
  • Investigative journalism
  • Art & Culture
  • Documentaries
  • Quizzes
    • Enneagram quiz
  • Newsletters
    • LBNN Newsletter
    • Divergent Capitalist

© 2023 LBNN - All rights reserved.