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Egypt And Chevron Agree To Explore New East Med Gas Deal

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Egypt’s state-owned gas company and US-based Chevron Corp have signed a preliminary agreement to explore sending natural gas from offshore Mediterranean fields to Egypt for processing and export.

The memorandum of understanding signed by Egyptian Natural Gas Holding Company (EGAS) and Chevron will consider transport, import, liquefaction and export of natural gas from the eastern Mediterranean, the ministry said.

In 2020 Chevron acquired around a 40 percent stake in a massive natural gas field in the Mediterranean Sea off the coast of Israel. It also plans to drill its first exploration well in a concession area in the eastern Mediterranean in September 2022, Egypt’s petroleum ministry said in a statement.

Chevron is also considering gas monetization in the region, including floating LNG (FLNG) technology. FLNG involves the use of ships or offshore platforms to convert gas into a liquid for delivery on tankers.

Chevron said: “We look forward to continuing to build our relationship with EGAS and the Egyptian government.”

The company added that if an agreement is finalized, gas could be available for Egypt’s domestic market or converted to liquefied natural gas.

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