US's Apache to invest $1bln annually in Egypt: Petroleum Ministry

Apache would start working in the new site “Sharq Bahariya” in the western desert during the third quarter of 2018

  
An international oil tanker passes through the Suez canal in Ismailia, Egypt December 14, 2004. Image used for illustrative purposes.

An international oil tanker passes through the Suez canal in Ismailia, Egypt December 14, 2004. Image used for illustrative purposes.

Getty Images/Scott Nelson
Cairo: Apache is planning to invest around $1 billion annually in Egypt, reflecting the country's importance to the US oil firm, John J. Christmann, the CEO and president of US Apache Corporation, has said.

Both Christmann and Egypt's petroleum minister Tarek El Mulla on Tuesday discussed means of expanding the company's exploration activities in Egypt.

During the meeting, the two parties tackled Apache's future investment plans in the field of oil explorations in order to support Egypt's oil and gas output and reserves, a ministry statement said.

Moreover, the oil and gas exploration and production company plans to form a joint 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.

Egypt's petroleum ministry previously revealed that US-based Apache would start working in the new site “Sharq Bahariya” in the western desert during the third quarter of 2018.

Source: Mubasher

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