Egypt

Petroleum Ministry says US “Apache” enhance investments in Egypt

Published on : 2023-05-17

US oil company Apache has plans to increase its investments in Egypt in light of new exploration opportunities in the Western Desert.

Apache is encouraged to do so especially that modern technology and new digging methods are now available, officials from the company said during a meeting with Petroleum Minister Tareq El-Molla earlier Monday.

The American company is interested in attaining new concession areas with high oil potentials, thus contributing to increasing production in the coming stage.

El-Molla, in statements Monday, said Apache is an important partner, pointing to coordination between the company in the US and the oil sector in Egypt to continue pumping investments into exploration projects in a way that would achieve the best interests of both sides.

It is important to expand the use of advanced technology and digital transformation, the minister stressed, noting that that would help upgrade the efficiency of operations and reduce the cost of production.

He also underscored the need to use new and renewable energy, such as the solar energy, in the operation of oil production sites instead of using diesel in the generation of electricity.

Apache has been operating in Egypt’s Western Desert for more than 25 years and has made many successes that earned it the lead in oil production in the Arab country.

Related Articles

Ministry of Petroleum, Honeywell explore green fuel collaboration

Honeywell is determined to advance this project in Egypt, envisioning it as a springboard for broader local and regional adoption.

Read More

Egypt starts repaying up to $1.5bn in oil company arrears, sources say

Egypt has started paying off dues owed to foreign oil and gas companies operating in the country, the government said on Tuesday, with sources saying that up to $1.5 billion had been set aside for the payments.

Read More

El-Molla Chairs EPROM's Annual Meeting, Highlights Achievements and Expansion Plans

Minister Tarek El Molla presided over the annual general assembly of the Egyptian Projects Operation and Maintenance Company (EPROM), where the results of the company activities for the year 2023 were approved

Read More
Wintershall Deaneptune LogoSIEnppipetrojetTransGlobe SCHNEIDER-ELECTRIChempleEgypt gasNorthAlmansooriSKY CTS exxonmobilSchlumbergerhttps://www.shell.com/GascoCPCAlmansoori