Apache to invest USD 3.5bn for exploration works
10 January 2022
Oil Minister Tarek El Molla and Chief Executive Officer (CEO) of the Egyptian General Petroleum Corporation (EGPC) Abed Ezz El Regal and Vice President of US Apache Corporation David Chi signed an agreement whereby the US company will invest USD 3.5bn on exploration, development, and production of gas and oil from concession areas in Egypt's Western Desert.
In a statement released recently, the Ministry of Oil said the agreement comes as part of joint efforts to develop and modernize the concession areas of Khalda Petroleum Company and Qarun Petroleum Company to achieve the optimum use of investment potentials in the region.
The statement explained that the agreement opens the door to capitalize on the production of crude oil and natural gas in light of an agreement to pump more investments to the concession areas in the Western Desert and expand the use of modern technologies in the exploration, digging operations and production of gas and oil.