Egypt’s Prime Minister, Mostafa Madbouly, has held advanced discussions with senior officials from Chevron to explore opportunities for enhancing joint cooperation in boosting oil and gas production in the North African country.
The meeting with the officials was held on Monday in the country’s State House, according to a report published by Egypt Oil and Gas Group.
Madbouly welcomed the Chevron delegation, led by Cassulo, and expressed Egypt’s interest in partnering with the company in petroleum exploration. He emphasized Egypt’s commitment to restoring its previous levels of natural gas and oil production.
On his part, Cassulo expressed the company’s aspiration to strengthen cooperation with Egypt in light of the fact that Egypt is a strategic partner for the company, thanking the Egyptian government for its support for the company’s activities in Egypt, which helps implement all its plans to increase production.
This meeting follows Karim Badawi’s November 2024 meeting with Clay Neff to review Chevron’s progress in its concession areas and discuss production enhancement plans utilizing the Ministry’s new incentives; this meeting also addressed the ongoing negotiations between Chevron and EGAS concerning the company’s acquisition of two new concession areas.
The US energy giant Chevron also earlier announced their plan in 2024 to start drilling an exploratory well in the deep waters of Egypt’s Mediterranean Sea at its Nargis concession area, with an estimated investment of $150 million to develop natural gas reservoirs within the Nargis concession area, which the company operates, according to a report by Asharq Business.
Badawi further praised the company’s efforts to increase production from its fields, expressing his aspiration to continue cooperation with the company to carry out more explorations that would add to the current production of oil and natural gas.
