Egyptian Petroleum and Mineral Resources Minister Karim Badawi witnessed the signing on October 5 of an exploration and exploitation agreement between the Egyptian Natural Gas Holding Company (EGAS) and Chevron for the offshore Lotus area in the Mediterranean. The ministry said the agreement carries minimum investment of $88 million.

The programme includes drilling two exploratory wells and reprocessing 3D seismic data. The ministry described the deal as part of efforts to expand exploration and attract petroleum investment. The announcement reports no discovery or production volume; well results and any subsequent development decisions will be determined later.