Apache to Invest $1.4B in Egypt in 2024

Apache to Invest $1.4B in Egypt in 2024

Prime Minister Mostafa Madbouly and Minister of Petroleum and Mineral Resources Tarek El Molla have met with a high level delegation from Apache Corporation to review the company’s plans and investments in Egypt during the coming period.

The meeting was attended by John Christmann, CEO of Apache Corporation; Stephen Riney, Chief Financial Officer of Apache; and David Chi, Vice President of Apache Corporation and Country Manager for Apache in Egypt

During the meeting, Christmann affirmed that Apache is committed to its investments in Egypt and looks forward to the government’s support for the company’s growth in the Egyptian market. He explained that the company intends to invest about $1.4 billion in Egypt over the next year.

He added that the company has important working relations with Egypt, explaining that it has implemented plans to modernize work mechanisms at its sites in Egypt, which enabled Apache to increase oil production capacity by 10% to more than 150,000 barrels per day.

Meanwhile, Madbouly stated that Egypt looks forward to seeing more new investments from the company during the coming period, as well as the expansion of Apache’s exploration activities for oil and gas on a larger scale.

Madbouly indicated that the government attaches great importance to supporting the activities of the Apache in Egypt.

Additionally, El Molla said that Apache is the largest American investor in Egypt, noting that it started its operations in Egypt about 30 years ago.

El Molla touched on the Cabinet’s recent approval of the process of merging the Qarun Petroleum Company and Khalda as a new entity under the umbrella of Khalda, through a new board of directors. This came as part of the project to develop and modernize the sector to establish a new entity capable of achieving results and higher performance efficiency in the field of research, exploration and production of oil and gas.

 

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Sarah Samir 3498 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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