US corporation Apache has announced plans to increase its annual oil and natural gas exploration investment in Egypt to about 1 billion dollars, Egypt’s Minister of Petroleum and Mineral Resources Tarek al-Mulla said in a statement Tuesday.
Mulla showcased with the officials of the oil and gas exploration and production company ongoing projects and its seven ventures.
He affirmed Monday that signing new petroleum agreements falls under the ministry of petroleum’s strategy to increase explorations and boost Egypt’s oil and natural gas reserves.
John J. Christmann, the CEO and president of Apache Corporation, and Mulla discussed Tuesday means of expanding the company's exploration activities in Egypt.
During the meeting, the two parties tackled Apache's future investment plans in the field of oil explorations in order to support Egypt's oil and gas output and reserves, the ministry statement said.
The Apache CEO also pointed out that a plan is being outlined to start work in the new concession area "Sharq Bahariya" in the Western Desert after the signing of an agreement in this respect last month.
He praised the economic achievements made in Egypt during the past three years especially in the oil sector, saying Egypt is on the right track and that its bold decisions would bring more investments to the country.
Christmann said that his company's move "reflects the importance of Egypt for Apache," according to the statement. Moreover, the company plans to form a joint team to prepare a five-year plan for oil exploration and increase the company's investments in Egyptian oil and gas.
