Australia’s Woodside Finally Enters East Med, Teaming Up With Chevron On Egypt Blocks

28 Apr 2023 Issue: 66 / 17 By: Peter Stevenson

Australian LNG-focused Woodside has made its first foray into the burgeoning East Mediterranean basin, adding 27% stakes at two Chevron-operated exploration blocks in Egypt’s frontier West Med region to three Red Sea blocks.

Nine years on from a failed bid to take a 25% stake in Israel’s 23tcf Leviathan gas field, Australian LNG expert Woodside has finally entered the East Mediterranean. The move will see Woodside team up with US major Chevron, now operator at Leviathan since its $5bn takeover of compatriot Noble Energy in late 2020.

“In Egypt, the regulator has approved Woodside’s acquisition of a 27% interest in two non-operated blocks in the Herodotus Basin,” Woodside confirmed in its 21 April Q1 report. The blocks are North Sidi Barrani and North El Dabaa in Egypt’s frontier ‘West Med’ area (see map). The deal sees Chevron’s stake in the two blocks fall from 90% to 63% with Egyptian state firm Tharwa retaining 10%. (CONTINUED - 1102 WORDS)