Al Borsa: U.S.-based Apache Corporation invested $388 million in exploration activities in Egypt during the first nine months of this year, spurred by expanded operations following a production incentive agreement. This investment, however, is slightly lower than the $405 million spent during the same period last year.

In its latest financial report, Apache disclosed that it entered into a new pricing agreement for additional volumes of gas produced in Egypt, enhancing the economic competitiveness of gas exploration and development over oil.

The company reported the addition of a new gas exploration rig, bringing its total rig count to 12. Oil production in the third quarter of 2024 surpassed expectations, driven by robust performance from new wells, recompletions, and optimized core production management.

Apache highlighted significant potential in water injection initiatives within Egypt to help reduce the natural decline rate over the remaining duration of its production-sharing agreement.

The company recorded $451 million in profits from its Egyptian operations in the third quarter, up from $295 million in the same quarter last year. Net profit for the first nine months reached $1.32 billion, compared to $510 million in the same period in 2023.

Additionally, Apache drilled 15 new production wells during the third quarter of 2024, with an average of 20 rigs dedicated to development throughout the period.

In the third quarter, Apache’s average production in Egypt was approximately 141,740 barrels of oil equivalent per day, marking a 2% year-over-year increase. For the first nine months, average production was around 136,700 barrels per day, reflecting a 5% decrease.