Chevron and other companies exit Egypt’s Red Sea concessions, redirect resources

Chevron and other companies exit Egypt’s Red Sea concessions, redirect resources

A number of multinational oil and gas companies including Chevron have exited their Red Sea oil and gas concession blocks after making no finds and have channelled their resources elsewhere in the country, the Egyptian petroleum ministry said.

Egypt’s Red Sea oil hopes dim as Chevron and partners withdraw

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 sp…

In its fight against the economic crisis, Egypt has been selling investment licenses in its national parks to real estate developers in the hope of increasing revenue.