Egypt

Apache to Boost Gas Production in Egypt by 11%, Invest $1.3 Billion in 2024

Published on : 2024-10-21

U.S.-based Apache Corporation plans to increase its daily natural gas production in Egypt by 11% during the current fiscal year, reaching 500 million cubic feet per day. This increase is part of the company's strategy to strengthen its presence in the Egyptian market, with plans to invest approximately $1.3 billion between 2024 and 2025 through Khalda Petroleum Company, its joint venture with Egypt's petroleum sector.

According to a government official speaking to Al Arabiya Business, Khalda Petroleum also aims to boost its crude oil and condensates production by 5%, reaching 145,000 barrels per day during the same period. Khalda is a leading company in Egypt’s Western Desert, contributing about one-third of the country’s oil production, currently standing at approximately 140,000 barrels of oil and condensates per day and 450 million cubic feet of gas.

Apache is expected to introduce a new rig at the Abu Gharadiq field in the Western Desert by November as part of its efforts to enhance oil and gas production. The company has reached a favorable agreement with the Egyptian Ministry of Petroleum regarding natural gas pricing, which will support its development plans and sustain its investments.

The official also noted that Khalda Petroleum plays a significant role in promoting environmental sustainability through its Kalabsha project, which annually saves 1.5 million liters of diesel by reducing carbon emissions.

The recent merger of Khalda and Qaron Petroleum under Khalda’s umbrella strengthens the company’s exploration and production activities in Egypt, aligning with the Egyptian Ministry of Petroleum’s objectives to increase local production and expand exports, generating additional foreign currency revenues for the state.

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