Chevron CEO Mike Wirth has highlighted the significant role of Egyptian liquefied natural gas (LNG) plants as one of the key alternatives to support Europe’s needs in the light of the current global energy crisis.
This came during a panel discussion titled “New Visions and Strategies for the Energy Sector” included in the opening of CERAWeek Conference with the participation of the Minister of Petroleum and Mineral Resources Tarek El Molla.
He affirmed his company’s interest in expanding the exploration and production (E&P) business in the East Mediterranean region due to the abundance of its natural gas resources and its convenient proximity to Europe. This will enable the East Mediterranean to become a key destination to supply Europe with its natural gas needs.
Wirth also noted that Chevron is conducting E&P activities in its offshore concessions in Egypt’s Red Sea, which will be put in production soon. The company is accelerating production from the second phase of Leviathan field to be transported to Egypt’s LNG in Egypt and re-exported to Europe.
The Vice-Chairman of Standard & Pours (S&P) Daniel Yergin, gave an opening speech at the conference highlighting the key role of the conference in the light of the current energy crisis. He stated that he hopes that the conference can generate practical solutions for the challenges ahead.