Apache plans to drill 50 oil wells in Egypt next fiscal year

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Egypt - Apache Corporation plans to carry out an exploration programme in Egypt to drill 50 wells in the next fiscal year through Qarun Petroleum Company and Khalda Petroleum Company.

The announcement was made during a Thursday meeting between Minister of Petroleum and Mineral Resources Tarek El-Molla and John J Christmann, CEO of Apache International, to discuss the company’s investment plans in the coming years and its exploration activities that are underway.

El-Molla said the meeting discussed the developments of the oil and gas industry regionally and globally. During it, he reviewed the most important outcomes achieved by the Egyptian petroleum sector recently, as well as the economic reforms adopted by the state, to encourage and attract more investments in the oil sector.

The meeting also discussed the investment opportunities available to the company in the fields of research, exploration, and production in different areas of Egypt, land and sea.

Christmann reviewed the company’s working mechanisms to increase production rates using state-of-the-art technologies to counteract the natural decline in well productivity in its concession areas.

He stressed the company’s commitment to plans and investment programmes to intensify research, exploration, and development of discovered fields.