Apache Corporation to increase investment it Egypt’s oil concessions

Apache Corporation, an American oil and gas exploration company is a veteran of the Egyptian business. It has been in Egypt for 22 years. It holds biggest plots in the Western Desert – 5.6 millions in 25 concessions. During the year 2017, Apache received approval of the NW Razzak and South Alam El Shawish concession blocks. Combined, the two concessions added approximately 1.6 million net undeveloped acres in Egypt. It allowed the company to broaden the cooperation with Egypt and to set the bold goal to invest 1 billion USD annually.

Egypt’s Minister of Petroleum and Mineral Resources Tarek al-Mulla said in a statement Tuesday that the input of the Apache to the Egyptian economy is poised to grow as the company plans to form a joint team to prepare a five-year plan for oil exploration and increase the company’s investments in Egyptian oil and gas.

John J. Christmann, the CEO and president of Apache Corporation, and Minister of Petroleum and Mineral Resources Tarek al-Mulla discussed Tuesday means of expanding the company’s exploration activities in Egypt. Christmann noted that Egypt is on track with the goal to became oil and gas independent and even became net exporter of the energy and fuel.

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