Chevron is in talks with the Egyptian government to expand its footprint in the West Star block, located in Egypt’s deep offshore waters near the Cyprus border and just south of ExxonMobil’s Cairo and Masry blocks, according to the Middle East Economic Survey (MEES).
The company has also submitted bids for two of the 12 offshore blocks offered last year by the Egyptian Natural Gas Holding Company (EGAS), with results expected in the coming months.
Since acquiring Noble Energy for $5 billion in 2020, Chevron has aggressively expanded its activities in the East Mediterranean, making the region a focal point of its growth strategy.
Although its 2023 output from the area totaled only 100,000 boe/d—representing just 3% of global production—Chevron views the region as a major growth opportunity.
CEO Mike Wirth recently highlighted the Eastern Mediterranean as a high-potential zone during an earnings call, noting that Chevron has secured promising exploration acreage offshore Egypt and plans to drill within the next few years.
Following government approval, Chevron committed at least $120 million to explore the West Star concession, securing new rights for oil and gas exploration in Egypt’s northeast offshore zone.
source: egyptoil-gas.com
African Energy Council