Egyptian Prime Minister, Sherif Ismail, met with the US oil and gas producer, Apache Corporation, to discuss the company’s plans to inject investments in Egypt during the coming period on new explorations to cover the necessary requirements for petroleum products from the industrial, service, and population sectors in the local market, as well as reducing imports and pressure on the foreign exchange, the Daily News Egypt reported.
During the meeting with a delegation from Apache, which included the company’s chairperson, in the presence of Minister of Petroleum and Mineral Resources, Tarek El-Molla, the possibility of an expansion of Apache’s activities in Egypt was reviewed.
Apache’s CEO, John Christmann, said that his company has been working in Egypt in the research and exploration fields for 20 years. The company contributes to achieving the optimum exploitation of Egypt’s natural wealth, as well as its contribution in raising the efficiency of the existing wells to increase the quantities extracted from them, according to Amwal Al Ghad.
Apache investments in Egypt exceed $12bn for 23 concession areas, including 20 production regions. The total production of the company reached 212,500 b/d of crude oil and condensate, as well as 883mcf/d of natural gas.