(Ecofin Agency) - In Egypt, Apache Corp., has revealed plans to invest more and sign new contracts for exploration in the country in the coming period.
This the company revealed during a meeting with Egyptian Prime Minister, Sherif Ismail and the Minister of Petroleum and Mineral Resources, Tarek El-Molla.
Apache’s CEO, John Christmann (photo), said the company had been operating in Egypt’s research and exploration fields for 20 years. It has contributed to accomplishing the best exploitation of Egypt’s natural wealth and in boosting the efficiency of existing wells so as to increase their capacities.
He added that the company intends to finalize the signing of new exploration contracts and increase Apache’s investments in the Egyptian oil and gas sector in the coming period.
This new explorations are expected to cover the essential requirements for petroleum products from the industrial, service and population sectors in the local market and also reduce imports and pressure on foreign exchange.
According to the Egyptian Prime Minister, Sherif Ismail, the government is currently concentrating on the oil and gas sector and is putting measures in place to make new areas available for research and exploration operations in several parts of the country. In that way, the government can attract more foreign investments.
Apache’s investments in Egypt surpass $12 billion in 23 concession areas, which include 20 production regions. The company’s overall production is at 212,500 barrels of crude oil and condensate per day and 883 Mmcf/d of gas, Amwalalghad news reports
Anita Fatunji