Chevron Corporation (CVX) , along with several other multinational energy firms, has exited its oil concession blocks in Egypt's Red Sea region after failing to discover commercial oil or gas reserves. Despite making substantial investments over and above their commitment, one company, which reportedly spent $34 million against an initial commitment of 10 million, did not find any viable resources. As a result, Chevron renounced 45% of its stake in Red Sea Block 1, located in the northern Red Sea. The block ...