Last Update 5:31
Saturday, 22 September 2018

US Apache plans to invest $1 bln annually in Egypt: Petroleum Ministry

MENA , Ahram Online , Tuesday 21 Aug 2018
Apache
John J. Christmann, the Chief Executive Officer and President of US Apache Corporation (L) meets with Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla in Cairo on 21 August, 2018 (Photo: Al-Ahram)
Share/Bookmark
Views: 3277
Share/Bookmark
Views: 3277

Minister of Petroleum and Mineral Resources Tarek El-Molla discussed with John J. Christmann, the chief executive officer and president of the US Apache Corporation, means to expand the company's exploration activities in Egypt.

During the meeting, El-Molla also discussed with Christmann future investment plans of the company in the oil exploration to achieve more finds in order to increase Egypt's oil and gas output and reserves, a statement issued by the Ministry of Petroleum on Tuesday read.

Christmann said his company's planned investments are expected to reach $1 billion annually, a matter he said reflects Egypt's importance for the company, adding that plans are under way to clinch more tenders in the light of the expected discoveries in the country.

He expressed hope for forming a joint work team to prepare a five-year plan to explore for oil and increase the company's investments in the oil and gas domains in Egypt.

The Apache CEO also pointed out that a plan is being outlined to start work in the new concession area "Sharq Bahariya" in the Western Desert after the signing of an agreement in this respect last month.

He praised the economic achievements made in Egypt during the past three years especially in the oil sector, saying Egypt is on the right track and that its bold rdecisions would bring more investments to the country. 

Short link:

 

Email
 
Name
 
Comment's
Title
 
Comment
Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.
Latest

© 2010 Ahram Online.