Apache stresses keenness on expanding investments in Egypt

CAIRO - 3 June 2018: Officials of the American oil company Apache Corporation on Sunday stressed keenness on expanding activities in Egypt as well as opening new vistas of cooperation with the country's petroleum sector.

This came during a meeting held by Petroleum Minister Tarek el Molla with Apache delegation to discuss means of boosting cooperation and schedules of activities undertaken by the company's concessions in the western desert.

The minister hailed fruitful cooperation and coordination between the American company and the petroleum sector that yield maximizing common interests, Petroleum Ministry said in a statement.

The meeting reviewed Apache's efforts to increase its oil crude production alongside reducing the cost through adopting latest technologies.

It shed light on intensified schedule of Apache in the zones of West Kalabsha and West Kanayes after the success of the advanced seismic survey in the area.

The company's ambitious drilling program in East Baharia, which will be put into effect during Q3 of 2018, was tackled during the meeting.

Production of East Baharia is envisaged to start within six months after going ahead with the drilling activities.

Meanwhile, the international oil company voiced interest in taking part in a global tender by the Egyptian General Petroleum Corporation (EGPC) for 11 concessions, including five in the Western Desert.

Apache delegation comprised its Senior Vice President, Midstream and Marketing Brian W. Freed, Senior Region Vice President – North Sea, Egypt, Houston Operations and HSSE Grady L. Ables along with other officials representing the company.

Founded in 1954, Apache is an independent American oil and gas exploration and production company with operations in the United States, Canada, Egypt, the United Kingdom North Sea, Australia and Argentina.