{"id":663965,"date":"2025-04-17T00:00:00","date_gmt":"2025-04-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/04\/17\/chevron-reportedly-exits-red-seas-last-active-exploration-block-plus-somabay-marakez-azza-fahmy-orascom-development\/"},"modified":"2025-04-17T00:00:00","modified_gmt":"2025-04-17T00:00:00","slug":"chevron-reportedly-exits-red-seas-last-active-exploration-block-plus-somabay-marakez-azza-fahmy-orascom-development","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/04\/17\/chevron-reportedly-exits-red-seas-last-active-exploration-block-plus-somabay-marakez-azza-fahmy-orascom-development\/","title":{"rendered":"Chevron reportedly exits Red Sea\u2019s last active exploration block. PLUS: Somabay, Marakez + Azza Fahmy, Orascom Development"},"content":{"rendered":"<p class=\"tag-border-left\">OIL AND GAS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Is Chevron the latest to exit Egypt\u2019s Red Sea?<\/strong> Chevron \u2014 the operator of the last active exploration block in the Red Sea \u2014 is reportedly on its way out of the block it operates, <a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/power\/78489\/3-%D8%B4%D8%B1%D9%83%D8%A7%D8%AA-%D8%B9%D8%A7%D9%84%D9%85%D9%8A%D8%A9-%D8%AA%D8%AA%D8%AE%D9%84%D9%89-%D8%B9%D9%86-%D8%A7%D8%B3%D8%AA%D9%83%D8%B4%D8%A7%D9%81-%D8%A7%D9%84%D8%BA%D8%A7%D8%B2-%D8%A8%D8%A7%D9%84%D8%A8%D8%AD%D8%B1-%D8%A7%D9%84%D8%A3%D8%AD%D9%85%D8%B1-%D9%81%D9%8A-%D9%85%D8%B5%D8%B1\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reported, citing an unnamed government source. We had reported last month that <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dbd3147e-9626-4900-ba51-e1e377b73506\/shell-and-partners-withdraw-from-their-red-sea-blocks\" style=\"\" rel=\"noopener\">Shell and its partners exited Red Sea blocks 3 and 4<\/a>, leaving Chevron\u2019s Block 1 \u2014 held with Woodside and Tharwa \u2014 as the only concession still on the books.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The government is pushing back, citing strong fundamentals for a relaunch.<\/strong> A senior Oil Ministry source told EnterpriseAM that recent seismic surveys in the Red Sea have shown promising results, but that the terrain\u2019s complexity and high drilling costs may have prompted the recent wave of exits. The government is now working on a more attractive economic model for upcoming offerings and is open to revisiting production-sharing terms to better align with investor expectations. The revised concessions would come alongside broader efforts to encourage reinvestment in exploration and boost Egypt\u2019s domestic output, with Red Sea acreage still considered a strategic priority.<\/p>\n<p class=\"tag-border-left\">REAL ESTATE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Somabay <\/strong><strong>developer Abu Soma Development Compa<\/strong><strong>ny plans to invest EGP 3 <\/strong><strong>bn in <\/strong><strong>new hotel developments<\/strong> over the coming three years, a company representative told EnterpriseAM. The developer is also targeting EGP 12 bn in real estate sales this year. The developer plans to build four new hotels in Somabay, bringing its total properties there to ten, Group CEO Ibrahim El Missiri told <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2025\/04\/15\/1881776\" style=\"\" rel=\"noopener\">Al Borsa<\/a>.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Azza Fahmy i<\/strong><strong>s partnering with Marakez to head to Ras El Hekma<\/strong>, where the two will set up a beach club house at the mixed-use developer\u2019s Ramla project, the two companies announced in a joint statement seen by EnterpriseAM. The space \u2014 slated to open in the summer of 2026 \u2014 will bring together coastal living and contemporary Egyptian design across 750 sqm of indoor and outdoor areas, according to the statement.<\/p>\n<p class=\"tag-border-left\">SPORTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Orascom<\/strong><strong> Development is mulling setting up a sports subsidiary <\/strong>which would take over the ownership of El Gouna Sports Club, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/4\/1029.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>. The move is still subject to shareholders\u2019 approval at the upcoming general assembly meeting scheduled for 11 May.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The government is pushing back, citing strong fundamentals for a relaunch<\/p>\n","protected":false},"author":1,"featured_media":663966,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7209],"tags":[111,2716,72,895,256,83,162],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-663965","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-azza-fahmy","tag-enterpriseam","tag-marakez","tag-orascom-development-egypt","tag-real-estate","tag-sports","wpautop","entry"],"acf":{"mongo_id":"49b62e3a-921e-4865-b3c6-c8d522838c59","order":"16","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/877.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Chevron reportedly exits Red Sea\u2019s last active exploration block. PLUS: Somabay, Marakez + Azza Fahmy, Orascom Development","related_issue":[663937],"teaser":"The government is pushing back, citing strong fundamentals for a relaunch","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/4\/.69c1bc99-e19d-4e3a-9bc4-3bd8244d6d22.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Chevron reportedly exits Red Sea\u2019s last active exploration block. PLUS: Somabay, Marakez + Azza Fahmy, Orascom Development - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/04\/17\/chevron-reportedly-exits-red-seas-last-active-exploration-block-plus-somabay-marakez-azza-fahmy-orascom-development\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chevron reportedly exits Red Sea\u2019s last active exploration block. 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