Apache to pump new investments into Egypt's Western Desert

US corporation Apache is scheduled to pump more investments in its concession areas in the Western Desert, announced the Petroleum and Mineral Resources Ministry.

The move came to improve the productivity of aging wells, intensify research and exploration activities and make new discoveries in light of the distinguished results of seismic research operations, a matter which showed promising petroleum potentials.

The advanced technologies that Apache will provide will open up broader prospects for research and exploration in deep layers that were not possible before, said Petroleum and Mineral Resources Minister Tarek el Molla in statements Monday during his meeting with President of Apache International John Chistman.

Molla, meanwhile, pointed out to the effective participation of Apache in implementing training programs for the employees at the Petroleum Ministry.

The two sides also discussed plans within the upcoming period in light of the company’s keenness on expanding its activities in Egypt.

They also tackled ways of developing the system of the two joint companies with Apache (Khaleda and Qarun) in light of the memorandum of understanding (MoU) signed between the two sides in this respect during the the EGYPS 2022 conference and activating the merger of the two companies.

Molla also stressed the importance of developing and improving governance systems and policies in Khaleda and Qarun companies after activating the merger, as well as human resources systems, building cadres, and digital transformation by benefiting from the best international practices.

For his part, Christman affirmed Apache’s commitment to intensifying its activities in Egypt, as it is the most important work area for the company in the world.

He also hailed the progress made over the past period in Egypt in the energy sector as well as the positive steps taken to transform the North African country into a regional energy trading hub.

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