Apache to invest $1bn annually in Egypt: Tarek El-Molla

Mohamed Samir
2 Min Read
Minister of Petroleum and Mineral Resources Engineer Tarek El Molla

American oil giant Apache plans to increase its investments to $ 1bn annually in Egypt, Minister of Petroleum Tarek El-Molla announced on Tuesday.

El-Molla met with John Christmann, CEO of Apache along with an accompanying delegation, where they discussed different means of developinding and expanding the company’s exploration activities in the country, and its investment plans for the coming years in the fields of exploration, and production.

Moreover, the minister explained to company officials the petroleum sector modernisation programme being implemented, Egypt’s investment climate, and the most important successes achieved by the petroleum sector ycurrently.

Apache investments in Egypt exceed $12bn in 23 concession areas, including 20 production regions. The total production of the company reached 212,500 barrels of crude oil and condensate per day, and 883m cubic feet of gas per day of natural gas.

Christmann said that Egypt is an important place for Apache, hence the company’s plans to increase investments in Egypt, adding that Apache desires to set up a joint working group to prepare an action plan for the next five years, including exploration and drilling programs, investment volume and expected production.

He said the drilling work in the new East Bahariya concession in the Western Desert, is due to begin soon after obtaining the necessary permits to the company’s ambitious drilling programme in the region.

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Mohamed Samir Khedr is an economic and political journalist, analyst, and editor specializing in geopolitical conflicts in the Middle East, Africa, and the Eastern Mediterranean. For the past decade, he has covered Egypt's and the MENA region's financial, business, and geopolitical updates. Currently, he is the Executive Editor of the Daily News Egypt, where he leads a team of journalists in producing high-quality, in-depth reporting and analysis on the region's most pressing issues. His work has been featured in leading international publications. Samir is a highly respected expert on the Middle East and Africa, and his insights are regularly sought by policymakers, academics, and business leaders. He is a passionate advocate for independent journalism and a strong believer in the power of storytelling to inform and inspire. Twitter: https://twitter.com/Moh_S_Khedr LinkedIn: https://www.linkedin.com/in/mohamed-samir-khedr/
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