US Apache firm plans to invest $1 bln annually in Egypt

Minister of Petroleum Tarek el-Molla has discussed with John J. Christmann, the Chief Executive Officer and President of US Apache Corporation, means to expand the company’s exploration activities in Egypt.

During the meeting, the minister also discussed with Christmann future investment plans of the company in the field of prospecting for oil to achieve more finds to support Egypt’s oil and gas output and reserves, said a statement issued by the Ministry of Petroleum on Tuesday.

For his part, Christmann said his company’s planned investments are expected to reach dlrs 1 billion annually, a matter that reflects Egypt’s importance for the company, pointing out that plans are under way to clinch more tenders in the light of the expected discoveries in Egypt.

He expressed hope for forming a joint work team to prepare a five-year plan to explore for oil and increase the company’s investments in the oil and gas domains in Egypt.

The Apache boss pointed out that a plan is being outlined to start work in the new concession area “Sharq Bahariya” in the Western Desert after the signing of an agreement in this respect last month.

He praised the achievements made in Egypt during the past three years in the fields of economy especially in the oil domains, pointing out that Egypt is on the right track and that its bold decisions would bring more investments to the country.