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.
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