US shale giant to invest $1.4B in Egyptian fossil fuel projects
At the end of last year, Apache Corp's main interests in Egypt were in the Western Desert with 5.3 million gross acres in six separate concessions.
A US shale major plans to invest $1.4 billion to fund oil and gas explorations in Egypt in 2024, according to local media reports.
Apache Corporation, an oil and gas exploration subsidiary of Texas-based APA Corporation, plans to invest $1.4 billion into the North African country next year, according to Apache President and CEO John Christmann.
During a Sunday meeting with Egyptian Prime Minister Mustafa Madbouly, Christmann said his company has implemented modernization projects at its sites in Egypt to increase oil production by 10% to more than 150,000 barrels per day.
Tarek El-Molla, Egyptian minister of petroleum and mineral resources; Steve Rennie, chief financial officer of Apache; and David Chi, vice president of Apache and regional director of Apache Egypt, also attended the meeting.
