Egypt has a comprehensive program focused on promoting investment and exploration for oil and gas in the Western Desert. A program whose implementation will enable it to support its ambition to become a regional energy hub.
In Egypt, the Egyptian Ministry of Petroleum and Mineral Resources announced on December 27 that an agreement was signed with US energy producer Apache Corporation for $ 3.5 billion. Under the terms of the agreement, the US oil company will invest this amount in research, exploration, development and production operations of certain concessions located in the Western Desert.
Through this agreement, the two parties also intend to combine their efforts to promote the development and operational efficiency of their existing activities in the area. This will be done through the merger of operations on the concessions operated by the local companies Khalda Petroleum and Qarun Petroleum. They are two companies that are part of a joint venture between the state oil company, Egyptian General Petroleum Corporation (EGPC) and Apache.
This will optimize the investment capacities of the two partners and above all achieve the excellence sought under the agreement. It should be noted that depending on the deal, state-of-the-art research and development tools will be used.
According to the comments of Tarek El-Molla, Egyptian Minister of Petroleum, “this agreement aims to encourage more investment in concession areas in the Western Desert and paves the way for maximizing crude oil and gas production rates. natural. This, using the latest technologies applied in the fields of research, drilling and production ”.
Recall that the energy producer Apache Corporation has been operating in Egypt for more than 20 years. It is one of the nation’s largest U.S. investors with 5.2 million acres in 24 separate dealerships, according to a December 2020 update.