US major Chevron has finalized its concession agreement for Egypt’s deepwater Mediterranean Lotus block, committing to a minimum $88mn exploration program.
Chevron and state firm EGAS signed the agreement on 5 October in the presence of Minister of Petroleum Karim Badawi. The program includes reprocessing 3D seismic data and drilling two exploration wells. Lotus lies around 200km offshore in water depths of 2,000-2,800 meters. (CONTINUED - 206 WORDS)