Oil & Gas

Apache to invest $995 million in discovery wells this year

KhaldaMohamed Abdel Azim, head of Khalda Petroleum Company, Apache’s partner in Egypt, said that despite the current downturn in the global price of oil, Apache has allocated about US $ 995 million investments during the fiscal year 2015-2016 budget for the drilling of 94 development and exploratory wells.

Abdel Azim added that the company’s current production of crude oil, condensate and butane is about 166 thousand barrels per day, in addition to 850 million cubic feet per day of natural gas, and that the 2016-2017 budget has been ratified, with a total investment of $ 941 million.

The gross domestic production of oil amounted to 695 thousand barrels per day, and gas production is 4.1 billion cubic feet, and the oil sector has 108 joint ventures with foreign and Arab partners, as well as 62 exploration companies of 27 different nationalities.

(Source: Al Borsa News)


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