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US energy firm Apache to invest $1.4bn in Egypt

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.