Minister of Petroleum and Mineral Resources Karim Badawi held a meeting with Clay Neff, President of Chevron International Exploration and Production as they discussed the work progress of the company’s concession areas and its plans to increase production, leveraging the incentives recently announced 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 Badwi highlighted the investment opportunities available in exploration, field development, and available areas through Egypt’s Upstream Gateway, as well as the new global bidding round announced for 2024 to explore for natural gas in 12 concession areas in the Mediterranean Sea and the 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 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 commended Chevron’s efforts in supporting the Egyptian petroleum sector’s efforts to reduce the carbon footprint and methane emissions, in light of the memorandum of understanding (MoU) signed during EGYPES conference and exhibition in 2023. This MoU included capacity building and sharing best practices in carbon and methane emission reduction.