Chevron shifts focus from Red Sea to Mediterranean in Egypt exploration strategy

Chevron has become the latest major energy company to withdraw from oil exploration efforts in Egypt’s Red Sea, redirecting its focus to the more promising Mediterranean region, according to the Journal of Petroleum Technology.

In an official statement, Chevron announced it had relinquished its 45% stake in Red Sea Block 1 after unsuccessful drilling attempts. Despite this setback, the company emphasized its continued commitment to Egypt’s energy sector, stating it will work closely with the Egyptian government and industry partners to advance exploration in the Mediterranean.

Chevron’s move follows a similar decision by Shell, which reportedly exited its Red Sea operations in March.