Egypt: Chevron to invest $60 million in Mediterranean natural gas field

Chevron, the US multinational, has plans to drill for natural gas in Egypt's Nargis 2 field in the Mediterranean Sea, according to Asharq Bloomberg, citing a government official. Operations are reportedly set to being in the fourth quarter of 2024 and involve an  initial investment of $60 million.

 The plan expands on Chevron’s exploration of the Nargis 1 field, which is estimated to hold around 2.5 trillion cubic feet of natural gas reserves. Production from Nargis 1 is expected to begin in the first half of 2025.

Egypt's Minister of Petroleum and Mineral Resources, Tarek El Molla, said in February that the country plans to increase foreign investment in the oil and gas sector by 25% in fiscal year 2024/2025 to a total of $7.5 billion. This compares to $5.6 billion in fiscal year 2022/2023. 

Last August, El Molla reportedly announced plans to invest over $1.5 billion in fiscal year 2024/2025 to drill 35 new natural gas wells.