Egypt: new exploration deals with Apache

Minister of Petroleum, Eng. Sameh Fahmy signed today two agreements between the state-owned Egyptian General Petroleum Corporation (EGPC) and Apache Corporation for exploring in the Western Desert.

The Petroleum Ministry also announced that Apache will invest around $ 55 million to drill 13 wells, according to the two signed deals.

Region Vice President and General Manager of Apache Egypt Companies, Thomas E.
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Voytovich said that Apache is considering Egypt as a solid element in its future plans due to the growth of domestic gas consumption.

“The corporation considers Egypt as an area of growth, and gas consumption is going to grow a lot,” said Voytovich.

He added that Apache’s gas output from Egypt went in supplying the local market, and the company is looking in investing more than $1 billion a year in Egypt.

“If everything works favorably; the pricing environment, demand, and our success in drilling, I could see that there is room for that (the spending per year) to continue.”

Apache, the largest producer of liquid hydrocarbons and natural gas in Egypt’s Western Desert, already invested $8 billion in the country over a period of 15 years.


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