Apache to invest $900mln in Egypt oil operations

The company’s oil operations in the Western Desert are run by Khalda and Qarun petroleum companies

  
Oil drilling rig operation on the oil platform in oil and gas industry. Industrial concept. Image used for illustrative purpose.

Oil drilling rig operation on the oil platform in oil and gas industry. Industrial concept. Image used for illustrative purpose.

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Egypt - Oil and gas exploration and production firm Apache Corporation plans to invest approximately $900 million (EGP 14.15 billion) in its concessions in Egypt during the current fiscal year (FY), Al Mal News quoted a senior official at the Egyptian General Petroleum Corporation on October 5th.

The company’s oil operations in the Western Desert are run by Khalda and Qarun petroleum companies, the official noted.

Apache registered about $840 million (EGP 13.21 billion) investments last FY from its Egyptian concessions, the official said, adding that increasing this value during the current FY is subject to the recovery of global oil prices.

Once the oil industry revives, the US company’s investments in Egypt would surpass $1 billion (EGP 15.73 billion), the official expected.

Khalda Petroleum Company’s daily average production reached about 145,500 barrels of crude oil last FY, according to Chairman Said Abdel Moneim.

Meanwhile, Qarun recorded its highest production of 30,000 barrels a day during FY 2019/2020.

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