New agreement covers exploratory drilling and seismic data reprocessing
Cheiron Energy, an independent oil and gas exploration and production company operating in Egypt, has signed a new concession agreement with the Egyptian Natural Gas Holding Company (EGAS) for the East Alexandria offshore area in the Mediterranean Sea.
The agreement was signed in the presence of Egypt’s Minister of Petroleum and Mineral Resources, Eng. Karim Badawi, strengthening Cheiron Energy’s exploration portfolio and its continued investment in the country’s petroleum sector.
Under the agreement, Cheiron Energy has committed to a multi-million investment programme covering the drilling of at least one exploratory well and the reprocessing of seismic data. The exploration activities will assess the natural gas potential of the East Alexandria offshore area and identify additional exploration opportunities.
The concession expands Cheiron Energy’s presence in Egypt and supports ongoing efforts to explore and develop the country’s natural gas resources.
David Chi, CEO of Cheiron Energy, welcomed the agreement as an important milestone for the company, highlighting its significance in expanding Cheiron’s portfolio in Egypt and reinforcing its longstanding relationship with the Egyptian petroleum sector.
The new concession further strengthens Cheiron Energy’s commitment to investing in Egypt’s energy sector, advancing offshore exploration activities and contributing to the development of the country’s natural gas resources.
