Egypt's gas production has dropped by more than a third between the first quarter of 2023 and the first quarter of 2026, according to official data. To address this decline, the country is increasing its focus on exploration efforts, with Chevron, a major global energy company, expanding its investments in gas and oil exploration in Egypt. On October 5, Egypt's Ministry of Petroleum and Mineral Resources announced that Chevron has signed a contract to conduct drilling in the "Lotus" area in the Mediterranean Sea. The agreement involves at least 88 million dollars in investments and includes two exploration wells and three-dimensional seismic data reprocessing. The contract grants Chevron exclusive rights to explore this area, located about 200 kilometers from the coast, at water depths ranging between 2000 and 2800 meters. No deep exploration drilling has been carried out there yet. Chevron is not new to exploration in Egypt, as the company is already investing in five other offshore blocks. In December 2022, Chevron and its Italian partner Eni discovered gas in the Nargis Offshore area, with production expected to begin within eighteen months. Chevron launched an appraisal well there in May. In November 2024, QatarEnergy acquired 23 percent of the North El Dabaa block, with Chevron retaining 40 percent, while Woodside holds 27 percent and Tharwa Petroleum holds 10 percent. In June 2025, Chevron and BG Group, a subsidiary of Shell, were awarded two other blocks: North West Atoll and North Simian. These blocks are among six areas allocated by the ministry, with at least 245 million dollars and 13 exploration wells involved. Chevron is also participating in the exploration of North Cleopatra with Shell, where drilling at a depth of 2800 meters revealed signs of oil in July. The results are currently being evaluated to determine if new drilling will proceed. Egypt's Minister of Petroleum and Mineral Resources, Karim Badawi, linked the return of investments to the payment of amounts owed to foreign partners, which reached 6.1 billion dollars in June 2024. The minister announced that these overdue payments were fully settled in June. The ministry plans to propose new areas to investors in the Mediterranean, the Delta, Sinai, and the south of the country.