Khalda Petroleum Company, a joint venture between the Egyptian General Petroleum Corporation (EGPC) and US Apache, allocated $810m investments in the budget of fiscal year 2017/2018
US Apache intends to invest $100m in horizontal drilling on 20 wells in the Apollonia field located in the Egyptian Western Desert in order to produce around 40mcf/d of gas.
US Apache's joint venture in Egypt, Khalda Petroleum, reduced the cost of oil produced from its concession located in the Egypt's Western Desert from $5 to $4.5 per barrel during the first quarter of fiscal 2016/2017.