Molla Confers with Chevron Int'l Chief on Increasing Production in Egypt

Minister of Petroleum and Mineral Wealth Tarek El Molla conferred with President of Chevron International Exploration and Production Company Clay Neff on Egypt's recent activities, its exploration plans in the oil concession areas as well as joint cooperation between the two sides.

The meeting was held on the fringe of the 41st annual gathering of CERAWEEK by S&P Global—the world's preeminent energy conference, which opened Monday in the US city of Houston.

In statements, Molla asserted that efforts exerted by Chevron in Egypt are supported and followed up. He said the company is about to reach good results in the field of exploration for oil in Egypt given the fact that it is one of the world’s leading integrated energy companies.

The minister asserted that the two sides' partnership dated back to 1937, adding that Cairo is looking forward to increasing Chevron's role as a reliable investment partner in Egypt's oil sector.

He said the two sides signed a memorandum of understanding (MOU) in February to share best practices and expertise related to the reduction of methane emissions.

The MoU, witnessed by Neff and Molla, builds on the Sharm El Sheikh Oil & Gas Methane Reduction Roadmap that was announced by Molla during Decarbonization Day at COP 27 in November 2022. It is aligned with Egypt’s membership in the oil and gas track of the Global Methane Pledge.