Texas-based Apache Corporation contemplates investing $1.4 billion in Egypt in 2024

Texas-based Apache Corporation will inject additional $1.4 billion into the Egyptian oil sector, the company’s CEO John Christman told Egyptian Prime Minister Mustafa Madbouly on Sunday August 20.

Apache Corporation is the USA’s largest investor in the North African country oil sector. The company according to Egyptian authorities, is poised to pump more investments and to dig more wells.

John Christman confirmed that Apache is committed to its investments in Egypt and looks forward to the Government’s support to continue implementing its expansions in the Egyptian market, and to sustain its extended partnership with Egypt, Madbouly’s Office indicated in a statement.

The US business man and the Egyptian Premier also discussed the potential and plans of increasing Egypt’s oil production as a whole, through continuing the work of updating the oil exploration and excavation sectors, especially with available opportunities for new discoveries, availability of technologies and modern drilling methods, the statement added.

Apache is a subsidiary of APA Corporation. It carries out the exploration, development and production of natural gas, crude oil and natural gas liquids. It generated $10.9 in revenues last year.