US-based oil and gas company Apache has reportedly unveiled plans to increase its annual investment in exploration activities in Egypt to $1bn.

The decision comes after Apache CEO John Christmann held a meeting with Egypt’s Petroleum Minister Tarek al-Molla, Xinhua reported, citing a statement released by the Egyptian Petroleum Ministry.

The company’s intention to increase exploration is aimed at supporting Egypt’s reserves while helping to increase the country’s oil and gas production.

In a statement, the ministry said: “Christmann and Al-Molla discussed means to expand Apache’s exploration activities in Egypt, as well as the company’s ongoing projects and future investment plans in the country.”

“The proposed plan will outline the expected investments and production using advanced technologies in the oil and gas industry, according to the news agency.”

The company is planning to form a partnership to prepare a five-year plan for oil exploration in the country.

The proposed plan will outline the expected investments and production using advanced technologies in the oil and gas industry, according to the news agency.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Christmann also lauded the economic progress made by the Egypt Government in the oil field over the past three years through investment-friendly policies.

Last month, Apache reached a deal with Egypt’s Ministry of Petroleum to invest $9bn towards exploration and production of oil and gas in the country’s Western Desert.

Operating in Egypt for 22 years, Apache is one of the largest oil companies in the country’s Western Desert.

Other major international energy firms engaged in oil and gas exploration in the country include Italy’s Eni and UK’s BP.

Eni operates the Zohr gas field offshore Egypt, which was discovered in August 2015 and is said to be the largest in the Mediterranean Sea.