Chevron and Egypt’s EGAS sign $88 million Lotus offshore exploration agreement
On 5 October 2026 Chevron Egypt and the Egyptian Natural Gas Holding Company (EGAS) signed a minimum‑investment agreement of US$88 million to explore the deep‑water Lotus block in the Mediterranean. The deal calls for drilling two exploratory wells and re‑processing existing 3‑D seismic data. Egypt’s petroleum minister Karim Badawi witnessed the signing and said the contract supports the country’s plan to expand its domestic oil and gas output.
Why it matters
The company notes the investment is less than 1 % of its 2026 capital budget, but it aligns with Chevron’s strategy to grow its Eastern Mediterranean portfolio. The ministry expects the agreement to help attract further upstream capital after clearing $6.1 billion in arrears to foreign partners.
Key facts
- 1The agreement carries a minimum investment of US$88 million. riotimesonline.com
- 2It includes drilling two exploration wells and re‑processing 3‑D seismic data. riotimesonline.com
- 3The Lotus block lies about 200 km offshore in water depths of 2,000‑2,800 metres. riotimesonline.com
- 4Sayed Selim signed for EGAS as executive managing director; Chevron’s Middle‑East exploration manager signed for Chevron. riotimesonline.com
- 5Petroleum Minister Karim Badawi witnessed the signing on 5 October 2026. riotimesonline.com
- 6Chevron is active in six offshore Mediterranean blocks in Egypt, including Nargis and North El‑Dabaa. riotimesonline.com
Summary written by AlphAI from 10 of 10 sources. Not investment advice. Figures are as stated by the linked sources.