Chevron exits unproductive Red Sea blocks in Egypt, shifts focus to Mediterranean operations

From Zacks Investment Research: 2025-04-21 06:44:00

Chevron Corporation, along with other energy firms, has exited oil concession blocks in Egypt’s Red Sea region after failing to find commercial reserves despite significant investments. Chevron renounced 45% of its stake in Red Sea Block 1. Egypt awarded the concessions in 2019 as part of a strategy to become a regional energy hub. Chevron is redirecting its focus to three new exploration blocks in the Mediterranean, reaffirming its commitment to Egypt’s energy landscape. Egypt is working to stabilize its energy output ahead of high-demand summer months by securing natural gas shipments and deploying floating storage units.



Read more at Zacks Investment Research: Chevron Exits Egypt’s Red Sea Blocks, Eyes Mediterranean Prospects – April 21, 2025