US Apache Plans $1.4 Bln Investments in Egypt in 2024

The US-based energy company Apache Corporation plans to invest around $1.4 billion in Egypt in 2024, stated John Christmann, CEO and President of Apache's parent company APA Corporation, during a meeting with Egyptian Prime Minister Mostafa Madbouly.

Christmann said Apache upgraded its work mechanisms in Egypt which contributed to increasing oil production by 10 percent to over 150,000 barrels per day.

Expressing a deep commitment to supporting the Egyptian government’s goals, Christman affirmed Apache’s dedication to sustaining its extended partnership with Egypt, according to a press release issued by the Egyptian cabinet on Sunday.

For 30 years, Apache has been the largest investor from the US in Egypt.

The PM expressed optimism about Apache’s potential to expand its investments in oil and gas exploration, even amid the global economic challenges that the world is grappling with.

Moreover, the discussions extended to Egypt’s ambitions to boost oil production further, leveraging modernization efforts and advanced exploration techniques to unlock new discoveries.

Minister of Petroleum, Engineer Tarek El Molla, reiterated the strategic significance of Apache’s partnership with Egypt.

El Molla emphasized the alignment of vision and objectives between the Egyptian oil sector and the energy giant. The collaboration between the two entities is aimed at increasing oil and gas production.