Chevron, Egypt Agree to Explore New Mediterranean Gas Deal

Seeking Alpha2022-06-21

Egypt's state-owned gas company EGAS and Chevron (NYSE:CVX) on Monday signed a memorandum of understanding to explore sending natural gas from offshore Mediterranean fields to Egypt for processing and export, Reuters reports.

Chevron (CVX) two years ago acquired a ~40% stake in a large natural gas field in the eastern Mediterranean Sea off the coast of Israel, where it now plans to drill its first exploration well in September, Egypt's petroleum ministry said.

The company also said it is considering gas monetization in the region, including floating LNG technology.

If an agreement is finalized, gas could be available for Egypt's domestic market or converted to liquefied natural gas, Chevron (CVX) reportedly said.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

Leave a comment
7