Chevron to drill two gas wells in Egypt this year, deepening regional presence

Chevron plans to drill two new gas wells in Egypt this year, one in the Narges field and another in the Western Mediterranean in partnership with Shell. Clay Neff, President of Exploration Operations at Chevron, stated that Egypt and the Eastern Mediterranean are key pillars of Chevron’s investment strategy for the coming years. The company aims to increase its operational production capacity in the region by up to 50 percent over the next five years. Chevron's presence in Egypt dates back to 1937, initially in petroleum product distribution, and later expanding into exploration and production. The company currently produces over 2 billion cubic feet of gas per day across the Eastern Mediterranean, with a significant portion supplied to Egypt. Chevron is also advancing expansion initiatives, including modernizing facilities, increasing production capacity, and working on the Aphrodite gas field in Cyprus. A recent government agreement facilitates the construction of a subsea pipeline connecting Cyprus to Egypt, with an early final investment decision targeted for next year. Neff emphasized that meeting domestic and regional energy demand is the company's top priority before exporting additional supplies. Egypt's energy infrastructure, including its pipeline network and liquefaction plants, provides a strategic advantage, supporting higher export volumes while ensuring local supply needs.