Part of the Meeting between President Abdel-Fattah El-Sisi , CEO of Apache Corporation John Christmann with Executive Vice President, CFO Stephen Riney with Minister of Oil and Mineral Resources Karim Badawy and other Egyptian officials on Monday 22 July, 2024. Photo courtesy of Egyptian Presidential Facebook page.
Minister of Petroleum and Mineral Resources Karim Badawi also attended the meeting.
According to the Egyptian presidency, the discussions focused on reviewing Apache's ongoing activities in Egypt and its plans to expand operations and productive collaboration with Egypt in the oil and gas sectors.
The presidency added that the meeting highlighted Apache's achievements in Egypt over the past three decades.
President El-Sisi commended the company's successes, expressing his support for its expansion plans that adhere to the highest global standards.
He also emphasized Egypt's dedication to boosting investments in the energy sector to meet the country's growing needs.
Christmann also expressed his appreciation for the strong partnership with Egypt, stressing Apache's intent to enhance production rates soon taking advantage of the numerous discovery opportunities.
He also emphasized the company's commitment to developing and utilizing advanced technologies to improve energy efficiency and reduce emissions from production processes.
Additionally, the meeting addressed ways to strengthen economic cooperation between Egypt and the United States.
Christmann, who is also the chairman of the Egypt-US Business Council, acknowledged Egypt's efforts to create an attractive investment climate, facilitating the operations of both domestic and foreign private sectors across various industries.
Apache in Egypt
According to the American Chamber of Commerce in Egypt, Apache comes at the top of American firms active in oil and gas exploration and production.
According to its website, the company has operated in Egypt for over 27 years.
It is primarily interested in the Western Desert, with high-impact exploration targets in both new and legacy acreage.
In a previous meeting with Prime Minister Mostafa Madbouly in August 2023, Christmann announced his cooperation plans to invest around $1.4 billion in Egypt in 2024.
In December 2021, the cooperation signed an agreement with Egypt to invest $3.5 billion in the exploration, development, and production of gas and oil from concession areas in the country's Western Desert.
At the end of 2022, Apache held 5.3 million gross acres in six concessions in Egypt.
Its operations in Egypt, including a one-third noncontrolling interest, constituted 37 percent of 2022’s production and 21 percent of year-end estimated proved reserves.
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