Chevron is in advanced discussions with the Egyptian government to expand its presence in the West Star block, situated in Egypt’s deep offshore waters near the Cyprus border, just south of ExxonMobil’s Cairo and Masry blocks, according to the Middle East Economic Survey (MEES).
In addition to these talks, Chevron has submitted bids for two of the 12 offshore blocks offered in the most recent licensing round by the Egyptian Natural Gas Holding Company (EGAS), with bid results expected in the coming months.
Since its $5 billion acquisition of Noble Energy in 2020, Chevron has significantly ramped up its activities across the Eastern Mediterranean, positioning the region as a key pillar of its international growth strategy.
Although the company’s 2023 production from the region was 100,000 barrels of oil equivalent per day (boe/d)—just 3% of its global output—Chevron sees vast potential for expansion.
CEO Mike Wirth reaffirmed this outlook during a recent earnings call, emphasizing the Eastern Mediterranean’s strategic importance and Chevron’s plan to drill in its newly acquired Egyptian offshore acreage in the coming years.
Following the Egyptian government’s approval, Chevron has committed a minimum of $120 million to explore the West Star concession, gaining rights for oil and gas exploration in the country’s northeastern offshore zone.
