
Chevron, EGAS sign at least $88 million Lotus offshore deal
Chevron and EGAS have signed an agreement covering at least $88 million of investment for two exploration wells and 3D seismic reprocessing in Egypt’s offshore Lotus area.

Chevron and EGAS have signed an agreement covering at least $88 million of investment for two exploration wells and 3D seismic reprocessing in Egypt’s offshore Lotus area.

The IEA warned that disruption in the Strait of Hormuz could push global oil demand into contraction in 2026 as supply losses and inventory declines accelerate.

Saudi Aramco told buyers of its light crude to load some cargoes at Yanbu on the Red Sea as the Strait of Hormuz became dangerous, using the East-West pipeline to reroute flows.
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