The East Mediterranean has emerged as a highly dynamic area of operations for US major Chevron over the five years since its $5bn takeover of compatriot Noble Energy in 2020. The firm has continued to expand its footprint in the basin since then, and although last year’s net output of 100,000 boe/d was just 3% of its global output, it sees the region as ripe for growth.
“I’ll start by saying we’re excited about our entire portfolio in the Eastern Mediterranean, and that is a tribute to the people at Noble - this is largely a legacy Noble Energy position,” CEO Mike Wirth told his firm’s earnings call on 2 May. “We’ve got some good exploration acreage in the offshore Egypt area that we brought to the table as well and the expectation is for some exploration wells there in the coming couple of years,” he adds. (CONTINUED - 1341 WORDS)
