Egypt, a country in North Africa, wants to boost its oil and gas production thanks to Chevron Corporation, the second largest oil company in the United States.
The Egyptian Prime Minister, Moustafa Madbouly, met this Sunday, January 26, 2025, with representatives of this American giant.
The delegation included Frank Kaslow, Chevron’s vice president for international exploration and production, Christian Svendsen, regional director for Egypt and Cyprus, and Isabelle Ordonez, head of government partnerships for the Middle East and Africa.
Dr Madbouly said Egypt was happy to collaborate with Chevron in oil exploration. He stressed that the country was seeking to return to its former levels of oil and natural gas production.
Egypt has proven reserves of 3.3 billion barrels of oil in 2017. Since the production peak of 1996 with 922,000 barrels/day, production has gradually declined (-5.4% between 2007 and 2017).
Meanwhile, oil consumption continues to grow due to population growth. Egypt is Africa’s largest consumer with 816,000 barrels/day in 2017.
-Egypt relies on Chevron Corporation to explore new sites
Chevron Corporation carries out offshore exploration in the Mediterranean to find oil and gas. For this initiative, the company receives the support of the Egyptian government.
This Sunday, Frank Kaslow expressed Chevron Corporation’s desire to strengthen its cooperation with Egypt. He thanked the Egyptian government for its support, which allows the company to implement its plans to increase production.
For his part, the Egyptian Minister of Oil praised the company’s efforts to increase its production. He expressed the wish to continue the collaboration in order to explore new sites and increase current production.
In conclusion, Dr. Madbouly invited Chevron to participate in the International Energy Conference to be held in Egypt next month.