Chevron and several other multinational oil and gas companies have exited their concessions in Egypt’s Red Sea after failing to make any significant discoveries.
These concessions were initially awarded in 2019 as part of Egypt’s ambitious plan to become a regional energy hub.
The Egyptian petroleum ministry confirmed the departures, stating that the companies have now redirected their resources to other areas within the country.
Despite spending millions on exploration within the agreed timeframes, no commercially viable finds were made in the Red Sea blocks.
Chevron affirmed its ongoing commitment to Egypt’s energy sector through its exploration programs in the Mediterranean Sea.
The ministry spokesperson assured that this exit would not impact Egypt’s ability to meet its summer gas supply demands.
He highlighted the planned deployment of floating storage and regasification units and secured LNG shipments to stabilize the supply.
Notably, both Chevron and Shell have reportedly applied for new concessions in the Mediterranean, signaling their continued interest in Egypt’s energy potential.
