US Apache Plans to Invest $1B Annually in Egypt

Minister of Petroleum and Mineral Resources Tarek El-Molla discussed with John J. Christmann, the chief executive officer and president of the US Apache Corporation, means to expand the company's exploration activities in Egypt.

During the meeting, El-Molla also discussed with Christmann future investment plans of the company in the oil exploration to achieve more finds in order to increase Egypt's oil and gas output and reserves, a statement issued by the Ministry of Petroleum.

Christmann said his company's planned investments are expected to reach $1 billion annually, a matter he said reflects Egypt's importance for the company, adding that plans are under way to clinch more tenders in the light of the expected discoveries in the country.

He expressed hope for forming a joint work team to prepare a five-year plan to explore for oil and increase the company's investments in the oil and gas domains in Egypt.

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 rdecisions would bring more investments to the country.

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