President Abdel Fattah El-Sisi met with John Christmann, CEO of US Apache Corporation, to review its current activities and plans to expand its exploration and production activities in Egypt.
Pointing out that Apache is one of Egypt’s most important partners in the oil and gas sector, being the largest American investor in the country, El-Sisi said that Apache’s initiatives in Egypt send a positive message about the strength of Egyptian American cooperation and help attract more US investments in the energy sector.
Christmann highlighted the significance of Apache’s investments in Egypt within its global portfolio. He reaffirmed Apache’s commitment to boosting production rates in the coming period, given the promising opportunities for new discoveries.
The President reviewed updates on Apache’s exploration program for new concession areas that were recently awarded to the company in the Western Desert.
The meeting was attended by Mostafa Madbouly, the Prime Minister; Karim Badawi, Minister of Petroleum and Mineral Resources; and Greg McDaniel, Senior Vice President for International Assets at Apache, and the company’s General Manager in Egypt.
Last month, Egyptian General Petroleum signed an agreement with Apache to add five new blocks that involve drilling 14 wells in the Western Desert with $35 million investments and a $25 million signature bonus.
Apache, which has been present in Egypt since the mid-1990s, is a leading producer in the Western Desert through its joint venture with EGPC and Khalda Petroleum. Earlier this year, Badawi met with Apache leaders to review plans for drilling new wells as well as the targeted programs to increase the production of natural gas in the Western Desert.