Chevron Mediterranean offshore exploration expansion

Chevron is expanding its offshore energy exploration and production activities in the Mediterranean region.

In late September, the company announced plans to begin seismic research in Greek waters following an agreement with the Greek Environment and Energy Minister. This follows the award of four offshore leases to the company, adding to its existing Mediterranean assets in Israel, Cyprus, Egypt, and Libya.

By early October, Chevron entered into a new $88 million agreement with the Egyptian Natural Gas Holding Company (EGAS) to explore the Lotus Offshore area. This project involves drilling two exploratory wells and reprocessing 3D seismic data in deep-water areas approximately 200 km from the Egyptian coast. The Lotus area features water depths between 2,000 and 2,800 meters and has not previously been a site for deep exploratory drilling.

Egyptian Petroleum Minister Karim Badawi stated that expanding exploration is a central part of the ministry’s strategy to increase domestic production. He noted that government efforts to settle arrears with investment partners have bolstered confidence in the Egyptian petroleum sector, encouraging companies to resume and expand exploration programs.