Cheiron Energy has signed a new Concession Agreement with the Egyptian Natural Gas Holding Company (EGAS) for the East Alexandria offshore area in the Mediterranean, in the presence of H.E. Eng. Karim Badawi, Minister of Petroleum and Mineral Resources.
The agreement includes a multi-million investment commitment, covering the drilling of a minimum of one exploratory well and the reprocessing of seismic data to assess the area’s natural gas potential and identify further exploration opportunities.
Commenting on the agreement, David Chi, CEO of Cheiron Energy, expressed his pleasure at this important milestone, highlighting its significance as an addition to Cheiron’s portfolio in Egypt and a reflection of the company’s continued partnership with the Egyptian petroleum sector.
This agreement reinforces Cheiron Energy’s commitment to investing in Egypt’s energy sector, supporting exploration activities, and contributing to the development of the country’s natural gas resources.
Source: Cheiron Energy
