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

HOUSTON, TEXAS - JUNE 14: A new Chevron gas station sign is seen on June 14, 2022 in Houston, Texas. Chevron has acquired the $3.15 billion Renewable Energy Group (REG), which has 12 biofuels refineries. The move advances Chevron's portfolio of biofuels as it seeks to sell biodiesel at all of its Chevron and Texaco branded gas stations around the country. (Photo by Brandon Bell/Getty Images)
A new Chevron gas station sign is seen on June 14, 2022 in Houston, Texas [Brandon Bell/Getty Images]

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.

READ: Egypt imports record volume of gas from Israel

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