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Apache Corporation, the independent hydrocarbon exploration and production subsidiary of US-based APA Corporation, plans to invest about $1.4 billion in Egypt in 2024, it was announced on Sunday.
During a meeting with Egyptian Prime Minister Mostafa Madbouly, John Christmann, President & Chief Executive Officer of Apache Corporation said the company has implemented modernisation projects at its sites in Egypt to increase oil production by 10 percent to more than 150,000 barrels per day.
He said Apache is committed to Egypt and looks forward to the government's support to continue implementing its expansion programme, adding that the company intends to invest about $1.4 billion in Egypt next year.
The meeting was attended by Tarek El-Molla, Egyptian minister of Petroleum and Mineral Resources, Steve Rennie, Chief Financial Officer of Apache Corp, and David Chi, Vice President of Apache and Regional Director of Apache Egypt.
Apache’s primary interests are in the Western Desert with 5.3 million gross acres in six separate concessions at year-end 2022, according to the company’s website.
Tarek El-Molla, Minister of Petroleum and Mineral Resources, said Apache is among the largest US investors in Egypt, pointing out that that the company started its operations in Egypt about 30 years ago.
During his speech, El-Molla also touched on the Cabinet's recent approval of the merger of the two joint ventures between Apache and Egyptian General Petroleum Company (EGPC), namely Qarun Petroleum and Khalda Petroleum under the umbrella of Khalda Petroleum to increase crude oil production and productivity of existing oil wells.
(Writing by Eman Hamed; Editing by Anoop Menon)
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