US Chevron plans to drill first exploration well in Egypt’s Mediterranean

Egyptian Natural Gas Holding Co., or EGAS, signed an initial agreement with Chevron (Shutterstock)
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CAIRO: US energy company Chevron is planning to drill the first exploration well in its concession area in the eastern Mediterranean next September, the firm’s president Mike Wirth said. 

The move comes as the Egyptian Natural Gas Holding Co., or EGAS, signed an initial agreement with the US company to cooperate in the activities of transporting, importing and exporting the gas from the area.

Wirth added that the company’s activity in the field of marketing could contribute to meeting the needs of the local market as well as Africa as a whole — and that Egypt would be a base for the export of oils to the countries of the continent.

He stressed the possibility of Chevron's participation in the investment opportunities available in the field of petrochemicals and the provision of advanced technologies.

This came during a meeting between Wirth and the Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla.