Chevron is planning to drill the first exploration well in its concession area in the Eastern Mediterranean this September. The well plans come as Egyptian Natural Gas Holding signed a memorandum of understanding with the US-based producer to cooperate in transporting, importing, and exporting natural gas from the area. Chevron expanded its presence in the area following its $5-billion acquisition of Noble Energy in 2020.
The two companies will evaluate options for natural gas transmission from the East Mediterranean to Egypt to optimize its value through liquefaction before re-exporting and selling it, according to the memorandum.
In addition, the two firms will perform research on low-carbon natural gas.