Minister Of Petroleum And Mineral Resources Witnesses Signing Of New Agreement With Chevron For Natural Gas And Crude Oil Exploration In The Offshore Lotus Area

​A New Agreement with Chevron for Natural Gas and Crude Oil Exploration in the Offshore Lotus Area

Minister of Petroleum and Mineral Resources Witnesses Signing of New Agreement with Chevron for Natural Gas and Crude Oil Exploration in the Offshore Lotus Area with Minimum Investments of $88M.

Eng. Karim Badawi , Minister of Petroleum and Mineral Resources, witnessed the signing of a new agreement for the #exploration and #exploitation of #natural_gas and #crude_oil in the offshore #Lotus_Area in the #Mediterranean Sea between the Egyptian Natural Gas Holding Company (EGAS) and Chevron , with minimum #investments of $88M. The agreement includes the drilling of two exploratory wells and the reprocessing of 3D seismic data, as part of the Ministry of Petroleum and Mineral Resources’ efforts to expand exploration activities and unlock new areas for petroleum investments.

The Minister of Petroleum and Mineral Resources praised the partnership with Chevron, asserting that the signing of Lotus Agreement reflects the company’s continued commitment to pumping new investments into exploration activities in Egypt. He expressed his aspiration for positive results from the drilling activities in the area, contributing to the discovery of new resources and supporting domestic production of natural gas and crude oil.