Egypt Approves Draft Offshore Exploration Deal with Chevron

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The Egyptian cabinet approved on Thursday a draft for a gas and oil exploration agreement in the Lotus offshore area in the Mediterranean with Egyptian Natural Gas Holding Company and Chevron Egypt Holdings Ltd, a statement said.

Egypt, which is grappling with economic pressures as a oil and gas importer due to regional conflict, has been seeking to cover its energy needs after shifting from a net exporter to an importer.

(Reuters - Reporting by Nayera Abdallah; Editing by Toby Chopra)