Egypt signs $ 3.5 billion agreement with US Apache for land development in concession

The oil ministry said in a note today, Monday, that Egypt has signed an agreement with the American company Apache, in which the company commits to spend a minimum of $ 3.5 billion in research, exploration, development and production in the areas in concession in the western desert of Egypt.

The signed agreement is part of the joint development and modernization efforts between the two parties by merging the areas in concession of Khalida and Qarun Petroleum Company, operating on behalf of the Petroleum Authority and Apache Company, in a way that contributes to raising efficiency, optimal investment of capabilities and the achievement of excellence in the light of changes in course.

The agreement also paves the way for maximizing production rates of crude oil and natural gas in light of the agreement to pump more investment into the concession areas in the Western Desert and expand the use of the latest technologies applied in the fields of research, drilling and manufacturing, which achieves the ambitions and goals of the oil industry and Apache Company to harness the potential of Western Sahara manufacturing facilities to achieve more joint successes for the benefit of both sides.

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