US Apache inks $9 bln oil, gas exploration deal in Egypt

United States oil and gas producer Apache Corporation signed a $9 billion deal with Egypt’s Ministry of Petroleum to explore and produce oil and gas in the Western Desert, the ministry on Wednesday said in a statement published by state news agency MENA on Wednesday.

The deal includes assigning $30 million (537 million Egyptian pounds) investment to dig seven wells in the area, the ministry further added.

Apache is holder of one of the largest areas in Egypt’s Western Desert, estimated at the end of 2017 as 5.6 million gross acres in 25 separate concessions, the company writes on its official website.

Egyptian Petroleum Minister Tarek El-Molla said the new deal is part of the ministry’s efforts to boost production and reserves of oil and natural gas, and to attract foreign investment.

The new agreement brings the total number of oil and gas deals signed by Egypt since 2014 to 87, the ministry added.

Source: Ahram Online