Egypt’s Petroleum and Mineral Resources Minister Karim Badawi met with Chevron’s International Exploration and Production President, Clay Neff, to review progress in Chevron’s concession areas and discuss plans to boost production, taking advantage of new incentives introduced by the Ministry.
The meeting also addressed the negotiations between Chevron and the Egyptian Natural Gas Holding Company (EGAS) regarding the company’s acquisition of two new concession areas.
Minister Badawi emphasised the investment opportunities in exploration, field development, and available areas through Egypt’s Upstream Gateway. He also highlighted the upcoming global bidding round in 2024 for natural gas exploration in 12 concession areas in the Mediterranean Sea and Nile Delta.
Both parties reviewed the progress of the Nargis field development and discussed ways to accelerate development and production. They also discussed the status of the exploratory well drilling in the North El-Dabaa area in the northwest of the Mediterranean.
Clay Neff reviewed the development plan for the Aphrodite field in Cyprus and the roadmap for bringing the field into production as soon as possible.
Minister Badawi praised Chevron’s contributions to reducing the carbon footprint and methane emissions in Egypt’s petroleum sector, following the memorandum of understanding (MoU) signed at the 2023 EGYPES conference. This MoU covers capacity building and the exchange of best practices in carbon and methane reduction.
