Salah Abdel Karim, Chairman of the Egyptian General Petroleum Authority, announced in an interview with CNBC Arabia that a new gas investment agreement has been signed with Apache through Khalda Petroleum Company (Apache) aiming to increase gas production from Egypt’s Western Desert.

Abdel Karim stated that production from the project with Apache is expected to start in the first quarter of next year, with total investments estimated at approximately $500 million over a period of a year and a half. He added that between 11 and 12 gas wells are planned to be drilled to support production growth.

He also mentioned that five onshore and offshore blocks were recently awarded in the latest bid round, and confirmed that the Authority is preparing to launch new tenders under the production-sharing system by the end of this year, providing investment opportunities in oil and gas.