Charles Kennedy
Apache Corporation plans to invest next year $1.4 billion in Egypt’s energy industry, where the U.S. firm is one of the biggest investors and the largest oil producer in the North African country.
The investment plans were unveiled during a meeting on Sunday of Egyptian Prime Minister Mostafa Madbouly with Apache chief executive John Christmann, the government of Egypt said in a statement carried by local and Arab media.
Egypt expressed hopes that Apache would expand its oil and gas exploration activities and investments in the country despite the global economic slowdown.
Apache, for its part, committed to deepening its partnership with Egypt and discussed raising its oil production in the country, the cabinet said.
Thanks to upgrades, Apache has recently managed to increase its oil production by 10% to more than 150,000 barrels per day (bpd), Christmann told Egyptian officials, according to the statement from the government.
Apache Corporation plans to invest next year $1.4 billion in Egypt’s energy industry, where the U.S. firm is one of the biggest investors and the largest oil producer in the North African country.
The investment plans were unveiled during a meeting on Sunday of Egyptian Prime Minister Mostafa Madbouly with Apache chief executive John Christmann, the government of Egypt said in a statement carried by local and Arab media.
Egypt expressed hopes that Apache would expand its oil and gas exploration activities and investments in the country despite the global economic slowdown.
Apache, for its part, committed to deepening its partnership with Egypt and discussed raising its oil production in the country, the cabinet said.
Thanks to upgrades, Apache has recently managed to increase its oil production by 10% to more than 150,000 barrels per day (bpd), Christmann told Egyptian officials, according to the statement from the government.
