Egypt poised to award new exploration rights to Chevron: Report
The Egyptian government is expected to award oil and gas exploration rights in the country's northeastern Mediterranean to US oil company Chevron, a news report said.
The rights will be for the West Star area close to US oil and gas major ExxonMobil's deepwater block, Asharq Business reported, citing an unnamed source.
The exploration site covers more than 11,000 square kilometres, the source said.
As per the terms of the agreement, Chevron will invest no less than $120 million in exploration and development, which includes drilling an exploratory well within the first three years of the award, following the completion of seismic surveys, the report said.
Last month Egypt's Ministry of Petroleum and Mineral Resources announced three new oil and gas discoveries in the Western Desert. They are estimated to produce 2,750 barrels of oil and condensates and 20 million cubic feet of gas per day.
(Writing by P Deol; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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