Apache has invested more than $1 billion in the Egyptian oil and gas sector during 2018, David Chi, vice-president and general manager of Apache Egypt, said last week, according to Al Ahram.

The company is confident that the Egyptian economic reform program will help to attract more investments to the oil and gas sector, Chi pointed out on the fringe of a symposium organized by the American Chamber of Commerce in Egypt.

Chi further praised the new gas law, which is playing an important role in liberalizing the gas market and boosting investments which will promote Egypt’s strategic position as an energy center in the region.

The Egyptian government is also moving to make exploration and production activities more attractive for international companies. Minister of Petroleum Tarek El Molla confirmed last week that the government is working on a new model for production and sharing agreements between the government and international oil companies, Reuters reported.

The new model will see oil firms covering the exploration and production costs and receiving shares of the production in return.

“So far, the initial responses we have received from the different partners are very positive, and they are excited to participate in the bidding round on this basis,” El Molla said during a meeting with a US business delegation at the American Chamber of Commerce in Egypt.