The US energy company Chevron is set to drill the first oil and natural gas exploration well in its concession area in the Red Sea in Egypt during the first half (H1) of 2024, Asharq Business reported on July 5th, citing unnamed government official.

The energy firm will pump $50 million into drilling this well.

In early 2023, Chevron finalized the first phase of seismic surveys, geological studies, and geophysical data for the region at a cost of more than $20 million.

In 2019, Chevron won Egypt’s first international bid round for oil and gas exploration in the Red Sea.

The total search area won by companies in the first global bid for oil and gas exploration in the Red Sea is about 10,000 square kilometers, with a minimum investment of $326 million.