Egypt Daily News – Egypt has awarded U.S. energy giant Chevron a new oil exploration concession in the “Lotus” offshore block in the Mediterranean Sea, marking another step in the country’s ongoing push to boost energy production and attract foreign investment in the sector.
The move comes after Chevron, along with several other international companies, recently exited its exploration activities in Egypt’s Red Sea due to unpromising results. The company is now shifting focus to the more resource-rich Mediterranean, where it already holds stakes in several blocks.
Egypt’s Ministry of Petroleum confirmed that the concession gives Chevron the right to explore the Lotus area, which is believed to hold strong potential for both oil and natural gas discoveries.
Chevron has existing operations in the Mediterranean, including stakes in the Nargis and North El-Dabaa offshore blocks. The company is also involved in regional projects aimed at connecting gas fields to Egypt’s liquefied natural gas (LNG) infrastructure, such as a planned pipeline from Cyprus’s Aphrodite field to Egyptian processing plants.
In recent years, Egypt has positioned itself as a key energy hub in the Eastern Mediterranean. Despite a recent decline in domestic gas production, the country continues to expand exploration partnerships to secure future supply and strengthen its export capabilities.
This new agreement with Chevron underscores Egypt’s strategy to deepen its relationships with major energy players and capitalize on untapped offshore resources in the Mediterranean basin.
