Arab FinanceChevron is planning to invest at least $ 120 million in a new exploratory concession, after the Ministry of Petroleum has agreed to a new exploration agreement that gives the American energy giant company the rights to explore for oil and gas in the West Star region in the northeast of the Mediterranean, according to the East economy.
Under the terms of the agreement, Chevron will invest at least $ 120 million, provided that this amount covers seismic surveys and drilling at least one exploratory well. This comes after the official exit of the power giant from its 45% share in the Red Sea 1.
It is worth noting that Egypt presented late last year to foreign companies new incentives to increase gas production, which is to allow the export of a specific share of new production, so that its revenues are used to pay the required dues, in addition to raising the price of the share of these companies from the new production of gas.
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