Skip to content Skip to Search
Skip navigation

US energy firm Apache to invest $1.4bn in Egypt

By Pramod Kumar
Apache Egypt APA Corporation
Apache is Egypt's largest American investor, having started its operations in the country 30 years ago

US hydrocarbon exploration company Apache Corporation is planning to invest $1.4 billion in Egypt next year.

A delegation from Apache, a subsidiary of APA Corporation, met the prime minister of Egypt, Mostafa Madbouly to discuss their expansion plans and investments in the north African country, Egypt Today reported.

“Apache is the largest American investor in Egypt and it started its operations in Egypt almost 30 years ago,” minister of petroleum and mineral resources Tarek El-Molla said.

APA Corporation in December 2021 signed a production sharing contract with the Petroleum Ministry and the state-run Egyptian General Petroleum Company.

The company held 5.3 million gross acres in six separate concessions in 2022, according to its website.

Around 68 percent of the company’s gross acreage in Egypt is undeveloped, providing considerable exploration and development opportunities for the future.

The operations in Egypt, including a one-third non-controlling interest, contributed 37 percent of 2022 production and 21 percent of year-end estimated proved reserves.

Egypt last month begun a $1.8 billion gas exploration programme with plans to drill wells in the Mediterranean Sea and Nile Delta.

The programme is in cooperation with energy majors Eni, Chevron, ExxonMobil, Shell and BP, petroleum minister Tarek El Molla told the UAE state-run Wam news agency.

Latest articles

Investment app Sarwa had more than 180,000 registered users by the first quarter of 2023

Investment app Sarwa fined by Dubai and Abu Dhabi regulators

Investment platform Sarwa Digital Wealth has been fined AED1,151,000 ($313,500) by regulators in Dubai and Abu Dhabi for offering shares and securities without an approved prospectus. The Dubai Financial Services Authority (DFSA) said on Tuesday that it had imposed a penalty of AED701,815 on the fintech.  On the same day, the Financial Services Regulatory Authority […]

UK Prime Minister Rishi Sunak said the pledge ' sets a precedent for global standards on AI safety'

UAE joins AI safety pledge at UK-South Korea summit

Two artificial intelligence companies from the UAE have signed up to a new AI safety pledge and have committed to safe development of the technology. Abu Dhabi’s Technology Innovation Institute and G42 are among 16 names on the safety pledge that also includes Amazon, Google, IBM, Meta, Microsoft, OpenAI and Samsung. The announcement was made […]

Turkey FAB Yapi Kredi

First Abu Dhabi Bank targets Turkish lender

One of Turkey’s largest corporations has confirmed it is in talks with First Abu Dhabi Bank (FAB) over the sale of a majority holding in the Istanbul-headquartered lender Yapı Kredi, the country’s fourth largest private bank in terms of assets.  A report by Reuters on May 21 said sources told it FAB was offering around […]

Bruno Le Maire said France was also ready to help the UAE develop its own nuclear power plants

France ‘open’ to UAE investing in its nuclear plants

The French government is open to the UAE investing in the country’s nuclear power sector, its economy minister has said. Bruno Le Maire spoke to journalists in Abu Dhabi ahead of talks with Sultan Al Jaber, the UAE minister of industry and advanced technology, and Khaldoon Al Mubarak, chief executive of investment fund Mubadala and […]