Apache Set to Ink Egypt Oil and Gas Deal

19 August 2009 (Last Updated August 19th, 2009 18:30)

US independent explorer Apache is to sign three oil and gas deals today worth $30m for a total of 14 wells in three areas of Egypt's Western Desert, according to a statement by the Oil Ministry. Egyptian oil minister Sameh Fahmy and a representative from Apache are expected to sign the

US independent explorer Apache is to sign three oil and gas deals today worth $30m for a total of 14 wells in three areas of Egypt's Western Desert, according to a statement by the Oil Ministry.

Egyptian oil minister Sameh Fahmy and a representative from Apache are expected to sign the deal in a ceremony reported Reuters.

Apache is expected to work on the concession - which all lie in the Western Desert - with the state's Egyptian General Petroleum Company (EGPC) and Egyptian energy company Tharwa.

One deal is an agreement to invest $15m to drill six wells at Siwa. The second will be investment of $7.5m in four wells in Gharb Ghazalat and the third is $7.5m to drill four wells in Saloum.