Tarek El Molla visited Khalda Petroleum's concessions in the Western Desert and pointed out measures taken to encourage international oil companies (IOCs) to boost investments in the country.
Khalda Petroleum Company, a joint venture between the Egyptian General Petroleum Corporation (EGPC) and US Apache, allocated $810m investments in the budget of fiscal year 2017/2018
US Apache intends to invest $100m in horizontal drilling on 20 wells in the Apollonia field located in the Egyptian Western Desert in order to produce around 40mcf/d of gas.
US Apache's joint venture in Egypt, Khalda Petroleum, reduced the cost of oil produced from its concession located in the Egypt's Western Desert from $5 to $4.5 per barrel during the first quarter of fiscal 2016/2017.
US Apache will invest $908.9m in drilling 97 new wells in Egypt's Western Desert during fiscal year 2016/2017.