A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. REUTERS/Richard Carson
CAIRO - 27 December 2021: Oil Minister Tarek El Molla and Chief Executive Officer (CEO) of the Egyptian General Petroleum Corporation (EGPC) Abed Ezz El Regal and Vice President of US Apache Corportation David Chi signed an agreement whereby the US company will invest $3.5 billion on exploration, development and production of gas and oil from concession areas in Egypt's Western Desert.
In a statement released on Monday, the Ministry of Oil said the agreement comes as part of joint efforts to develop and modernize the concession areas of Khalda Petroleum Company and Qarun Petroleum Company to achieve the optimum use of investment potentials in the region.
The statement explained that the agreement opens the door to capitalizing the production of crude oil and natural gas in light of an agreement to pump more investments to the concession areas in the Western Desert and expand the use of modern technologies in the exploration, digging operations and production of gas and oil.