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Petroleum Minister Signs Chevron Gas Deal
Egypt has signed an agreement with Chevron Corporation to explore natural gas and oil in the Lotus offshore area in the Mediterranean Sea, near the Egyptian coast, with an investment cost of up to $88 million. The aim of the agreement is to open new horizons for exploration by drilling deep wells in a region that has not previously seen similar explorations, thereby increasing the chances of discovering new resources of natural gas and crude oil. This move is part of the Egyptian Ministry of Petroleum’s strategy to expand exploration efforts and boost local production. It is expected that the exploratory activities will spearhead field development and yield positive results based on modern seismic geological data, contributing to attracting more investments into Egypt’s oil and gas sector.
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