US shale giant to invest $1.4B in Egyptian fossil fuel projects
At the end of last year, Apache Corp's main interests in Egypt were in the Western Desert with 5.3 million gross acres in six separate concessions.
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At the end of last year, Apache Corp's main interests in Egypt were in the Western Desert with 5.3 million gross acres in six separate concessions.
Minister of Oil and Mineral Wealth Tarek al-Molla conferred on Monday with Apache Corporation CEO John Christmann and his accompanying delegation on opportunities of extending the company's activities to the Mediterranean Sea region to explore for natural gas.
The US-based energy company Apache Corporation plans to invest around $1.4 billion in Egypt in 2024, stated John Christmann, CEO and President of Apache's parent company APA Corporation, during a meeting with Egyptian Prime Minister Mostafa Madbouly. Christmann said Apache upgraded its work mechanisms in Egypt which contributed to increasing oil production by 10 percent to over 150,000 barrels per day.
Apache Corporation plans to invest $1.4 billion in Egypt’s energy industry next year.
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