Apex’s investments in Egypt reach $38 million

U.S.-based Apex International Energy has total investments in Egypt amounting to $38 million since the start of activities there, said its chairman Roger Plank on Monday.

The announcement came during Petroleum Minister Tarek el-Molla’s meeting with Plank along with the company’s CEO Thomas Maher and their accompanying delegation.

Plank highlighted that the company decided to boost investments in the country to reach $82 million.

He added that Apex’s current production rate estimated about 6,000 barrels of crude oil daily, while it expected to reach 7,000 barrels daily.

Moreover, he pointed out that the company is studying to expand its activities in the Western Desert and reinforce its drilling operations, in order to increase production and sustain production rates from outdated oil fields, along with its 50/50 partnership with Eni company in East Siwa area.