Egypt - Apache Corporation plans to raise its natural gas output in Egypt by 11% during the current fiscal year (FY) 2024/2025, targeting a daily production of 500 million cubic feet, an unnamed government official told Al Arabiya Business.

The American company, through its joint venture with Egypt’s Khalda Petroleum, will invest $1.3 billion in 2024-2025 to support this expansion.

Apache’s investments also include boosting crude oil and condensate production by 5%, aiming for 145,000 barrels per day.

These operations are primarily focused in Egypt’s Western Desert, where Khalda Petroleum oversees the company’s concession areas.

In November, Apache will introduce a new drilling rig to the Abu Gharadig field, marking a key step in its efforts to maximize oil and gas production.

The company has reportedly reached a favorable agreement with Egypt’s Ministry of Petroleum and Mineral Resources on natural gas pricing, which has spurred its plans for field development and exploration.

The official emphasized Apache's commitment to its long-term investments in Egypt and its ongoing partnership with the government.

In line with its carbon emission reduction goals, Khalda Petroleum is also supplying 1.5 million liters of diesel annually to the Kalabsha project.

Khalda Petroleum, which accounts for one-third of Egypt's total oil and condensate production, currently produces around 140,000 barrels of oil and 450 million cubic feet of gas per day.

Following the merger with Qaroun Petroleum in 2022, the company now handles exploration and production in both companies’ concession areas, reinforcing its role as a leading oil producer in Egypt.

The Egyptian Ministry of Petroleum is ramping up exploration and drilling efforts in both offshore and onshore fields, aiming to meet domestic energy needs and generate surplus for export, contributing to the country's economic growth.

© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).