US major Chevron has followed Shell in exiting its solitary block in Egypt’s Red Sea leaving the non-producing region with no active upstream assets.
“Chevron can confirm it has relinquished its operated (45%) stake in Red Sea Block 1, located in the northern Red Sea, offshore Egypt,” the firm said on 18 April. Australia’s Woodside (45%) confirmed the acreage had expired “subsequent to the [reporting] period” in its Q1 results on 23 April. Woodside was also partnered at the two blocks recently relinquished by Shell (MEES, 7 March). (CONTINUED – 141 WORDS)
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