Egypt’s Petroleum and Mineral Resources Minister, Karim Badawi, recently met with Chevron’s International Exploration and Production President, Clay Neff, to discuss Chevron’s activities in Egypt and strategies for boosting production. The meeting highlighted the potential impact of new incentives from Egypt’s Ministry of Petroleum.
The discussion covered Chevron’s ongoing negotiations with the Egyptian Natural Gas Holding Company (EGAS) concerning the acquisition of two new concessions.
Minister Badawi emphasized the range of investment opportunities available through Egypt’s Upstream Gateway, as well as the upcoming 2024 global bidding round, which will offer 12 new concession areas in the Mediterranean Sea and Nile Delta for natural gas exploration.
Both parties also reviewed the progress at the Nargis field, focusing on ways to expedite development and production.
Additionally, they discussed exploratory drilling efforts in the North El-Dabaa area, located in the northwest Mediterranean region.
Neff presented the development plan for the Aphrodite field in Cyprus, outlining a roadmap to bring the field into production swiftly.
Minister Badawi commended Chevron’s commitment to reducing the carbon footprint in Egypt’s petroleum sector, referencing the Memorandum of Understanding (MoU) signed at the 2023 EGYPES conference.
The MoU includes capacity building and the sharing of best practices for reducing carbon and methane emissions.
This collaborative approach between Chevron and Egypt’s Ministry of Petroleum aims to support sustainable growth and increased energy production in the region.
