Chevron announced its interest in the Egyptian oil and gas sector and the petroleum opportunities in the Red Sea in light of the bid round announcements by the Ministry of Petroleum, said Clay Neff, President of Chevron, Egypt Oil & Gas reports.

Neff comments came during his meeting with Minister of Petroleum, Tarek El Molla, on the sidelines of the CERAWeek taking place in Houston.

El Molla pointed out that the ministry’s commitment to secure an attractive investment climate will encourage big international oil companies (IOCs) to invest in Egypt.