Egypt, Apache ink $3.5bn oil and gas deal in Western Desert

Egypt signed on Monday an agreement with Apache for oil and gas exploration in the Western Desert.

The agreement will see the U.S. company invest a minimum of $3.5 billion on research, development, and production in Egypt’s western desert.

It was signed by Egyptian Oil Minister Tarek el-Molla besides Abed Ezz El Regal, Chief executive of the state-run Egyptian General Petroleum Corporation (EGPC); and David Chi, vice president of Apache.

The agreement comes as part of joint efforts to develop and modernise the concession areas of Khalda Petroleum Company and Qarun Petroleum Company to achieve the optimum use of investment potentials in the region, the oil ministry said in a statement.