Chevron, Shell and Mubadala awarded oil and gas exploration rights in Egypt

Egypt is expanding its search for hydrocarbon reserves. The country recently awarded the exploration rights to US’s Chevron, Anglo-Dutch Shell and UAE’s Mubadala. The search is being conducted in the Red Sea area for more energy reserves.

The first round of licensing was announced by the North African state earlier in 2019. Chevron and Shell were awarded one sector each, and one sector was jointly declared for Mubadala an....