{"id":665011,"date":"2025-05-11T00:00:00","date_gmt":"2025-05-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/05\/11\/chevron-wants-to-increase-its-presence-in-egypt\/"},"modified":"2025-05-11T00:00:00","modified_gmt":"2025-05-11T00:00:00","slug":"chevron-wants-to-increase-its-presence-in-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/05\/11\/chevron-wants-to-increase-its-presence-in-egypt\/","title":{"rendered":"Chevron wants to increase its presence in Egypt"},"content":{"rendered":"

\n

ENERGY-<\/p>\n

#1- Chevron is looking to boost its upstream presence in Egypt<\/strong> as gas output from its Israeli fields climbs toward record levels, according to industry publication Middle East Economic Survey<\/a> (Mees). Comments from CEO Mike Wirth \u201calluded to talks with Cairo to take new acreage,\u201d Mees writes. The publication pointed to advanced negotiations between the oil player and the Madbouly government as Chevron eyes a direct award of the West Star block. <\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

ICYMI-<\/strong> An unnamed government source told Asharq Business last week that the US energy giant pledged no less than USD 120 mn<\/a> in investment in a new exploration concession after the Oil Ministry approved a new exploration agreement granting it the rights to explore for oil and gas in the West Star concession in the northeast Mediterranean.<\/p>\n

Exploration setbacks haven\u2019t dampened interest:<\/strong> Despite pulling out<\/a> of its Red Sea block in April and a failed wildcat well at the North El Dabaa block earlier this year, Chevron remains bullish on the Eastern Mediterranean. \u201cWe\u2019ve got some good exploration acreage in the onshore 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,\u201d Wirth said in an earnings call this month.<\/p>\n

\n

\n

#2- Inching closer to Hurghada\u2019s 20 MW solar power plant:<\/strong> Egypt will ink contracts by mid-2025 with a Japanese consortium \u2014 which includes Mitsubishi \u2014 to establish a 20 MW solar plant in Hurghada, which will be the country\u2019s last power plant project to be owned by the government, Asharq Business<\/a> reports, citing a government official. The plant will cost USD 50 mn, fully funded through a soft loan from Japan International Cooperation Agency (JICA), the official added. <\/p>\n

BACKGROUND-<\/strong> First announced in 2016, the 20 MW Hurghada solar plant stalled for years<\/a> before JICA stepped in with a USD 106 mn loan.<\/p>\n

\n

EXPANSION-<\/p>\n

Azimut to launch KSA asset management arm in 3Q: <\/strong>Asset manager Azimut has received approval from Saudi Arabia\u2019s Capital Markets Authority to launch onshore asset management operations in the kingdom, with the rollout set for the third quarter of this year, the company said in a statement (pdf)<\/a>. The move will mark Azimut\u2019s entry into its 20th international market and will give it access to a pool of more than USD 1 tn in institutional assets and USD 260 bn in retail capital.<\/p>\n

\n

SUSTAINABILITY-<\/p>\n

Egypt, UAE partner on decarbonization: <\/strong>The Industry Ministry\u2019s Industrial Modernization Center has partnered with UAE\u2019s Industry and Advanced Technology Ministry to advance clean industrial projects across the MENA region under the UAE-led Industrial Transition Accelerator (ITA), according to a statement<\/a>.<\/p>\n

The ITA? <\/strong>Launched at COP28 and backed by the UAE, the ITA seeks to cooperate with regional governments and industry leaders to promote emerging green industries and drum up the needed capital to support decarbonization efforts in heavy-emitting sectors.<\/p>\n

\n

TECH-<\/p>\n

Introducing the National IPv6 Strategy:<\/strong> The National Telecom Regulatory Authority (NTRA) has launched the National Internet Protocol Version 6 (IPv6) Strategy, which is designed to boost Egypt\u2019s digital infrastructure and ensure the long-term sustainability of internet services amid rising demand from 5G technologies and the Internet of Things, NTRA said in a statement (pdf)<\/a>. <\/p>\n

The targets:<\/strong> The strategy aims to prepare Egypt\u2019s public and private digital infrastructure for full IPv6 readiness within three years, with a goal of reaching 80% adoption by 2030. It includes rolling out specialized training programs and public awareness campaigns.<\/p>\n","protected":false},"excerpt":{"rendered":"

PLUS- Azimut to launch KSA asset management arm in 3Q<\/p>\n","protected":false},"author":1,"featured_media":665012,"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":[111,3305,780,93,72,91,151,368],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-665011","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-azimut-egypt-asset-management","tag-chevron","tag-energy","tag-enterpriseam","tag-oil-and-gas","tag-renewables","tag-sustainability","wpautop","entry"],"acf":{"mongo_id":"c7d60131-f00b-48af-aa08-bbf498618d51","order":"11","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/5\/725.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Chevron wants to increase its presence in Egypt","related_issue":[664992],"teaser":"PLUS- Azimut to launch KSA asset management arm in 3Q","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/5\/.02fe60e2-e38c-4bf4-9f09-05be728bfc4d.mp3"},"yoast_head":"\nChevron wants to increase its presence in Egypt - 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Chevron is a 35%\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/israel-gas-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577770,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/05\/chevron-finds-3-5-tn-cf-of-gas-in-the-eastmed\/","url_meta":{"origin":665011,"position":1},"title":"Chevron finds 3.5 tn cf of gas in the EastMed","author":"enterpriseam admin","date":"5 December 2022","format":false,"excerpt":"A big gas find in the EastMed: Chevron has discovered an offshore gas field in the Mediterranean estimated to hold 3.5 tn cubic feet of gas, a source tells MEES. The US energy giant made the finding drilling its first ever offshore well in Egypt at its Narges block off\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/66.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578151,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/el-molla-confirms-large-east-med-gas-find\/","url_meta":{"origin":665011,"position":2},"title":"El Molla confirms large East Med gas find","author":"enterpriseam admin","date":"18 December 2022","format":false,"excerpt":"Oil Minister Tarek El Molla confirmed that a large gas discovery has been made in the Narges block in the Eastern Mediterranean during a briefing to the House Energy Committee, Youm7 reported Thursday.A report of a big gas find landed a few weeks ago: The Middle East Economic Survey reported\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/359.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578311,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/22\/oil-and-gas-exploration-tender-coming-next-week\/","url_meta":{"origin":665011,"position":3},"title":"Oil and gas exploration tender coming next week","author":"enterpriseam admin","date":"22 December 2022","format":false,"excerpt":"Energy companies can bid for 12 new oil and gas exploration blocks in the Mediterranean and Nile Delta starting next week in an international tender set to be launched by state-owned Egyptian Natural Gas Holding Company (EGAS), Bloomberg Asharq reports, citing an Oil Ministry source. The door for bidding will\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/482.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":690562,"url":"https:\/\/enterpriseam.com\/egypt\/2026\/03\/30\/israeli-state-of-emergency-extension-pushes-back-restart-of-leviathan-exports-to-egypt\/","url_meta":{"origin":665011,"position":4},"title":"Israeli state of emergency extension pushes back restart of Leviathan exports to Egypt","author":"enterpriseam admin","date":"30 March 2026","format":false,"excerpt":"Prior to the shut-off, Leviathan was utilizing its newly expanded 1.2 bcf\/d capacity to supply Egypt with 830 mmcf\/d of gas in January","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1753.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":585598,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/26\/egyptian-indian-firms-to-team-up-on-usd-80-mn-pharma-materials-plant\/","url_meta":{"origin":665011,"position":5},"title":"Egyptian, Indian firms to team up on USD 80 mn pharma materials plant","author":"enterpriseam admin","date":"26 April 2023","format":false,"excerpt":"Egyptian and Indian firms will spend USD 80 mn on a pharma materials plant","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/818.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/665011","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=665011"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/665011\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/664992"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/665012"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=665011"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=665011"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=665011"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=665011"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=665011"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}