US Apache is bidding for an exploration license in Egypt’s Western Desert concession through its Egyptian joint venture company Khalda Petroleum. The bid is for the Egyptian General Petroleum Corporation’s (EGPC) May tender for the exploration in 11 sediment basin sectors, reported Al Borsa. The tender included 5 sediment basin sectors in the Gulf of Suez, and 6 sediment basin sectors in the Western Desert.
The Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, stated that the tender comes in light of Egypt’s strategy to secure energy demands. El Molla added that the ministry plans to increase oil and gas exploration, as well as encourage foreign companies to increase their investments in the field.
Khalda Petroleum’s CEO, Mohamed Abdel Azzim, stated that Apache plans to increase its investments in oil and gas exploration in the Egyptian Western Desert. He added that the foreign partner has a vision for the Egyptian petroleum sector and it is increasing its investments periodically despite declining global oil prices.