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Chevron to drill two gas wells in Egypt before 2027

2 April 2026

Chevron is planning to drill two new gas wells this year, one in the Narges field and another in the Western Mediterranean, according to Clay Neff, the president of exploration operations at the company.

The well in the Western Mediterranean area is due to be drilled in partnership with the London-headquartered oil and gas company Shell.

Egypt and the broader East Mediterranean region will be core pillars of Chevron’s investment roadmap over the coming years, Neff said.

He also said that the investments in Egypt reflected the Eastern Mediterranean’s growing strategic importance within Chevron’s global portfolio

According to Neff, Chevron is aiming to increase its operational production capacity in the region by as much as 50% over the next five years, something that is expected to strengthen cash generation and enhance profitability from its regional operations.

Chevron’s presence in Egypt dates back nearly nine decades, beginning in 1937 with the distribution of petroleum products before expanding into exploration and production activities in recent years.

The company currently produces more than 2 billion cubic feet of gas a day across the Eastern Mediterranean.

Chevron is advancing broader expansion initiatives in the Eastern Mediterranean region that include modernising existing facilities and increasing production capacity, alongside ongoing engineering and design work on the Aphrodite gas field in Cyprus.

A recently signed government agreement enables the construction of a subsea pipeline connecting Cyprus directly to Egypt.

Neff said the company is targeting an early final investment decision on the project next year, expressing confidence that close cooperation between Cairo and Nicosia will support timely progress.

He emphasised that meeting domestic and regional energy demand remains the company’s top priority before directing additional supplies toward export markets in Europe or elsewhere.

Neff said that Egypt’s well-developed energy infrastructure, particularly its pipeline network and liquefaction plants, provided a strategic edge, adding that new discoveries and capacity expansions will gradually support higher export volumes while safeguarding local supply needs.

The comments from Neff come shortly after it was announced that the UK oil and gas company BP was making progress with its campaign to drill five wells in Egypt’s portion of the Mediterranean.

BP’s Fayoum 4 well is scheduled to start production in July, with an estimated output of around 100 million cubic feet of gas a day.

https://image.digitalinsightresearch.in/uploads/NewsArticle/16226687/main.jpg
Wil Crisp

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