Apache to increase oil investment in Egypt

11 August 2022
Investments will enhance old wells as well as boosting exploration activities

US-based Apache Corporation is planning to ramp up investments into its concessions in Egypt’s Western Desert region, according to the Egyptian Ministry of Petroleum and Mineral Resources.

The investments will aim to enhance the productivity of old wells as well as boosting exploration activities.

The company is hoping to make new discoveries in light of the significant results of seismic survey operations, which showed significant potential.

The ministry said that during his latest visit to Egypt, John Christmann, the chief executive of Apache, discussed the company’s plans with the Egyptian Petroleum Minister Tarek El-Molla.

Apache is aiming to expand its operations in Egypt and increase its output, as well as develop its joint ventures, according to the ministry's statement.

El-Molla said that the advanced technologies that Apache can provide will open up broader prospects for research and exploration in deep layers that was not possible to target before.

Apache is planning to merge its two joint ventures, Khaleda and Qarun, after signing a memorandum of understanding (MoU) in February this year.

Molla said that it was important to develop and improve governance systems and policies as well as human resources systems in Khaleda and Qarun companies after the merger. He also said that it was important to increase digitisation at the companies.

READ: Egypt turns into climate change hotspot

Christmann praised progress achieved in Egypt’s energy sector and positive steps taken to transform the North African country into a regional energy trading hub.

Earlier this month, Apache said that it was on-course to achieving its goal of reducing upstream routine flaring in Egypt by 40 per cent by year-end.

Speaking at an earnings call, Christmann said that Apache’s top priorities were reducing greenhouse gas emissions throughout the company’s global operations and supporting its employees and the people in the communities where it operates.

He said: “We have completed several projects across the portfolio, most notably in Egypt that enable us to compress and direct previously flared gas to sales, thereby increasing revenue and improving our emissions profile. “

Image: Apache

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