Egypt to witness boom in oil, gas industry: APACHE CEO

CAIRO – 23 March 2018: International oil and gas company APACHE plans to drill 50 wells in Egypt through the national companies Khaleda and Qaroun.

The announcement came during Minister of Petroleum Tarek El Molla’s meeting with a delegation from APACHE headed by its CEO, John Christmas, in the presence of Egyptian geologist Ashraf Farag.

During the meeting, the attendees discussed the exploration portfolio in Egypt and the related investment opportunities, as well as the company’s future expansion plans in the country.

The meeting also took on the recent advances of the oil and gas industry regionally and globally. The minister also reviewed the ministry’s achievements made in the petroleum sector during the recent period and the economic reforms adopted by the government to encourage and attract more investments in the Egyptian oil and gas industry.

For his part, the CEO of Apache discussed with Molla the company’s mechanism to increase production volume by utilizing the latest means of technology to counter the falling production rates of wells, confirming that the nation’s oil and gas drilling industry will witness a boom in the current fiscal year.

Egypt aspires to become a regional energy hub, benefiting from its strategic location straddling the Suez Canal and the land bridge between Asia and Africa.

Last month, Italy’s Eni delivered the first gas from Egypt’s giant offshore Zohr field, which has an estimated 30 trillion cubic feet of gas.