20.11.2016Mohamed Adel
Ongoing discussion in regards to increasing FY 2017/2018 investments with Apache’s officials, says Abdel Azim
The American Apache Corporation is planning on investing $959.7m for researching, exploring, and developing fields in its concession area in the western desert during the current fiscal year (FY), compared with $796m in FY 2015/2016.
Mohamed Abdel Azim, head of the Khalda Petroleum Company, said in an interview with Daily News Egypt that their foreign partner’s investments will be divided into $552.5m for drilling development wells, $346.4m for implementing the exploration plan, and $62.8m for operating expenses of the concession areas in FY 2016/2017. He explained that there are ongoing discussions with Apache officials in regards to setting a demo plan for FY 2017/2018, to agree on increasing investments to raise oil and natural gas production rates in the western desert, to offset the natural decline of the fields and to work on increasing reserves.
