Egypt, US Chevron agree on East Mediterranean gas exploration, transfer

The state-owned Egyptian Natural Gas Holding Company (EGAS) and the United States Chevron Corporation have signed a memorandum of understanding (MoU) to cooperate in activities of transporting, importing and liquefying the exports of East Mediterranean gas, the country’s petroleum ministry announced yesterday.

The ministry added in a statement that Chevron was planning to “drill the first exploration well in its concession area in the Mediterranean Sea next September.”

On its part, Chevron recently signed three agreements last year with its partner, Egyptian Tharwa Petroleum, to explore for natural gas in three regions in the Mediterranean, including North Sidi Barani, Narges offshore, and North El Dabaa.

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