Oil and gas major Chevron has announced that it will drill its first oil and natural gas exploration well in its concession area in the Red Sea, offshore Egypt in the first half of 2024.
Announced on 5 July, the supermajor will reportedly inject $50 million into the drilling program. Chevron has already completed the first phase of seismic surveys, geological studies and geophysical data for the region in early 2023 at a cost of approximately $20 million.
Chevron won Egypt’s first international bid round for oil and gas exploration in the Red Sea in 2019, covering a total search area of approximately 10,000km2 and with a minimum investment of $326 million.