Chevron is investing $60 million in Egypt offshore drilling – Cabinet

Chevron is investing $60 million in offshore drilling activities in Egypt’s Mediterranean waters as part of its 2026 expansion plans, the Egyptian Cabinet said on Tuesday, as the US energy major deepens its presence in the country’s energy sector.

The company is also advancing operations in two Egyptian concession areas and pursuing renewable energy and carbon capture projects, according to the statement.

The plans were discussed during a meeting between Prime Minister Moustafa Madbouly and Robert Clay Neff, president of upstream at Chevron, on the sidelines of the Egypt Energy Show (EGYPES 2026) in Cairo.

The investment includes efforts to connect the Aphrodite gas field in Cyprus to Egypt’s gas infrastructure for processing and transport, supporting deeper integration in the Eastern Mediterranean gas sector. Agreements signed during EGYPES 2026 are expected to further expand Chevron’s footprint in Egypt.

Madbouly and Petroleum Minister Karim Badawy welcomed Chevron’s continued commitment, expressing hope for increased investments in both the Mediterranean and Red Sea regions.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser