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Monday, August 27, 2018
US independent oil firm Apache reportedly revealed plans to increase investments in Egypt following a meeting between Minister of Petroleum Tarek El Molla and Apache CEO John Christmann. According to a report from Xinhua, Apache plans to boost investments to $1 billion.
The company’s intention to increase exploration is aimed at supporting Egypt’s reserves while helping to increase its oil and gas production.
In a statement, the Ministry said: “Christmann and El-Molla discussed means to expand Apache’s exploration activities in Egypt, as well as the company’s ongoing projects and future investment plans in the country.”
The company is planning to form a partnership to prepare a five-year plan for oil exploration in the country. The Apache plan will outline the expected investments and production using advanced technologies in the oil and gas industry, according to Xinhua.
Christmann also lauded the economic progress made by the Egyptian government in the oil field over the past three years through investment-friendly policies.
Last month, Apache reached a deal with Egypt’s Ministry of Petroleum to invest in exploration and production of oil and gas in the country’s Western Desert where the company’s main production flows take place.
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