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Egypt’s state gas company EGAS and Chevron signed an agreement for exploration and exploitation in the offshore Lotus area, the Petroleum Ministry reported on 5 October 2026. The minister witnessed the signing.
The ministry gives a minimum investment of USD 88 million. The work programme includes two exploratory wells and reprocessing existing three-dimensional seismic data.
These terms describe planned exploration in the Mediterranean. They do not establish a discovery, booked reserves or production, and the stated investment minimum is not a report of money already spent.
The next evidence would be drilling and seismic results, which were not included in the announcement. The ministry said it expects the work to support exploration and domestic supply.