PM Mostafa Madbouly met ٍSunday at the government headquarters in the New Administrative Capital, with officials of the American Apache Company, to review the company's plans and investments in Egypt during the coming period, in the presence of Tariq el-Molla, Minister of Petroleum and Mineral Resources.
John Christmann, CEO of Apache Corp. said that the company is committed to its investments in Egypt and looks forward to the government's support to continue implementing its expansions in the Egyptian market.
He explained that the company intends to invest about $1.4 billion in Egypt during the next year.
Christmann explained that the company implemented plans to modernize the work mechanisms at its sites in Egypt, which enabled Apache to increase oil production capacity by 10% to more than 150,000 barrels per day.
Meanwhile, the minister of petroleum said that Apache is the largest American investor in Egypt, noting that it started its business in Egypt about 30 years ago.
During his speech, el-Molla touched on the Cabinet’s recent approval of the merger between the Qarun Petroleum Company and Khalda as a new entity under the umbrella of Khalda, through a new board of directors, to help achieve higher efficiency results and performance in the field of research, exploration and production of oil and gas.
Finally, the meeting dealt with potentials and plans to increase Egypt's oil production in general, through the continuation of modernization work in the exploration sector for oil, especially with the availability of opportunities to achieve new discoveries as well as the availability of technologies and modern drilling methods.
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