With an aim to advance reach in the West Star block, US energy major Chevron has initiated talks with the Egyptian government
The area lies in the south of ExxonMobil’s major Cairo and Masry blocks in the deep offshore near the Cyprus border.
This is an addition to Chevron's earlier bid for two out of the 12 blocks that the Egyptian Natural Gas Holding Company (EGAS) had opened for investors. Chevron is awaiting finalisation of the awards in the next few months.
Following a US$5bn acquisition of Noble Energy in 2020, Chevron has been strengthening its footprint in the East Mediterranean, undeterred by the current industry turbulences.
“We are excited about our entire portfolio in the Eastern Mediterranean,” believes CEO Mike Wirth. “We have got some good exploration acreage in the offshore Egypt area that we brought to the table as well and the expectation is for some exploration wells there in the coming couple of years,” he said.
Chevron is willing to invest around US$$120mn in the West Star concession in the northeast Mediterranean following approval from the Ministry of Petroleum.
Chevron to expand footprint in Egypt
Chevron is excited about its portfolio in the Eastern Mediterranean. (Image source: Adobe Stock)
