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APA Corporation Announces Agreement in Principle with Egypt’s Ministry of Petroleum and Mineral .
APA CorporationMay 4, 2021 GMT
HOUSTON, May 04, 2021 (GLOBE NEWSWIRE) APA Corporation (Nasdaq: APA) today announced it has reached an agreement in principle with Egypt’s Ministry of Petroleum and Mineral Resources (MOP) and the Egyptian General Petroleum Corporation (EGPC) in support of the MOP’s efforts to modernize the country’s petroleum sector.
The new Production Sharing Contract (PSC) will consolidate the majority of the concessions in the Western Desert of Egypt operated by APA Corporation subsidiary Apache Egypt (“Apache”) into a single new concession, which will account for more than 90% of the company’s gross production volumes in Egypt on a barrel of oil equivalent (BOE) basis. The changes simplify the contractual relationship with EGPC and include provisions to