From Yahoo Finance: 2025-04-21 05:06:00

Chevron, along with other oil and gas companies, has exited its Red Sea concessions in Egypt after failing to make discoveries. Companies are now focusing on exploration in the Mediterranean. Egypt awarded these concessions in 2019, but some companies did not achieve desired results despite significant investments. Chevron confirmed relinquishing its stake in Red Sea Block 1. Both Chevron and Shell are applying for new concessions in the Mediterranean, showing commitment to Egypt’s energy sector. Egypt aims to stabilize gas supply to meet rising electricity demand this summer after facing power shortages last year. EGAS plans to implement gas development projects and introduce new wells in 2025/26.



Read more at Yahoo Finance: Chevron and other oil firms exit Red Sea concessions, redirect efforts