US energy company Apache Corporation pledges $1.4 bln investments in Egypt next year

Ahram Online , Sunday 20 Aug 2023

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.

Apache seismic trucks in a location in Egypt. Company s website.
Apache seismic trucks in a location in Egypt. Company s website.


According to its website, Apache Corporation has operated in Egypt for more than 27 years. The company’s primary interests are in the Western Desert, with high-impact exploration targets in both new and legacy acreage.

In December 2021, Petroleum Minister Tarek El-Molla, Chief Executive Officer (CEO) of the Egyptian General Petroleum Corporation (EGPC) Abed Ezz El-Regal and Vice President of Apache Corporation David Chi signed an agreement whereby the US company will invest $3.5 billion in exploration, development and production of gas and oil from concession areas in Egypt's Western Desert.

At the end of 2022, Apache held 5.3 million gross acres in six separate concessions. The company’s 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.

The growth in Egyptian gas production in recent years has encouraged the government to pursue fuel conversion as a national energy strategy.

Egypt expects to produce about eight million tons of LNG in 2023 after discovering a new gas field in the Nargis area in January.

The country's LNG exports increased by 14 percent year-on-year to 7.5 million tons in 2022.

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