Chevron to drill 1st exploration well in Egypt’s Red Sea in H1 2024

The American energy company Chevron is about to drill its first exploration well for oil and natural gas in the Red Sea in Egypt, and the project will start in the first half of 2024, the company announced on Wednesday.

Chevron finalised the first phase of the seismic surveys, geological studies, and geophysical data for the region in early 2023 at a cost of more than $20 million.

The company won Egypt’s first international bid round for oil and gas exploration in the Red Sea in 2019.

The total search area that the company won in the first global bid for oil and gas exploration in the Red Sea is about 10,000 square kilometres, with a minimum investment of $326 million.