Apache Corporation has allocated $1b in new investments in Egypt in its fiscal year 2016-17 budget, Tarek El Molla, Minister of Petroleum, announced, following a meeting in Cairo with Apache CEO, John Christmann, according to a press release received by Egypt Oil&Gas.

El Molla added that the company’s delegation’s visit to Egypt confirms Apache’s trust in Egypt’s economic climate and bodes well for investments in the oil and gas sector.

The meeting also discussed development projects conducted by Apache’s joint ventures with the Egyptian General Petroleum Corporation (EGPC), Khalda Petroleum Company, and Qarun Petroleum Company.

Apache has been working in Egypt’s petroleum sector for over 20 years, during which the companies’ investments have exceeded $12b in 23 concession areas. Furthermore, the company’s production has reached 212,500b/d of crude oil and condensates and 883mcf/d of natural gas.