State-owned Egyptian Natural Gas Holding Company (Egas) and US-headquartered Chevron have signed an agreement related to oil and gas exploration in Egypt’s offshore Lotus concession.

Under the agreement, Chevron will invest at least $88m in exploration activities within the concession, according to a statement from Egypt’s Ministry of Petroleum & Mineral Resources.

Chevron has agreed to drill two deepwater exploration wells and to reprocess 3D seismic data for the concession.

Egypt’s Ministry of Petroleum & Mineral Resources said the agreement was part of the ministry’s “efforts to expand exploration activities and unlock new areas for petroleum investments”.

It also said that the deal reflected Chevron’s “commitment to pumping new investments into exploration activities in Egypt”.

In August, Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, presented the ministry’s five-year production strategy, which aims to double Egypt’s oil and condensate output while strengthening the country’s position as a regional hub for petroleum product trading and gas liquefaction.

Egypt has been working towards this goal by forging a range of new deals with international oil companies.

Chevron has offshore exploration and development rights for several Egyptian concessions, including Nargis, North El-Dabaa, North West Atoll, North Simian and North Cleopatra, where it partners with Shell.

In April, Egypt’s cabinet approved a draft version of the Lotus concession agreement between Egas and Chevron during a meeting chaired by Prime Minister Mostafa Madbouly.

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