Energy Giant Chevron Announces New Gas Discovery Off Egypt's Shore

The Chevron energy giant announced on Sunday a significant new gas discovery in the eastern Mediterranean Sea, off the shore of Egypt. The reservoirs are in the Nargis Offshore Area concession, operated by Chevron, which holds a 45 percent working interest in the concession. 

“Chevron is encouraged and excited by the success of this first exploration well which encountered high-quality reservoirs and follows from Chevron’s entry into the Egyptian upstream sector in 2020,“ said Clay Neff, president of Chevron International Exploration and Production.

“We look forward to working together with the Government of Egypt, the Egyptian Natural Gas Holding Company (EGAS) and our other partners to support the growth of Egypt's energy sector through this exploration program. The eastern Mediterranean has abundant energy resources, and their development is driving strategic collaboration in the region.”

Chevron’s long history in Egypt dates back to 1937; as of today, Chevron is present in all sectors of the value chain, upstream, midstream and downstream. It is the operator of two blocks in the Western Mediterranean (North Sidi Barrani and North El Dabaa), one block in the eastern Mediterranean (Nargis) and Red Sea Block 1. Chevron has a non-operating interest in two blocks in the western Mediterranean (North Marina and North Cleopatra).