Apache plans on drilling 50 new exploration wells in Egypt in 2018/2019
Apache is planning on drilling 50 new exploratory wells in Egypt in the coming fiscal year through its Qarun and Khalda Petroleum subsidiaries, both JVs with EGPC, Apache CEO John Christmann said on Thursday, according to a report in state-owned Ahram Gate.
Christmann said he expects the sector to “witness a boom” in FY2018-19. Apache’s Khalda had signed a USD 20 mn agreement with the EGPC back in December to begin exploration activities in the Western Desert’s Alam El Shawish concession. Apache and Merlon had also signed USD 79 mn-worth of Western Desert exploration agreements with the Oil Ministry in August last year.
President and CEO of Apache Corp. John Christmann announced on Friday that an ambitious exploration program is set to be implemented in Egypt within the new fiscal year.
Apache Corp. unveils plan to drill 50 wells in Egypt next FY
The program includes drilling 50 wells through two companies, Christmann said during his meeting with Minister of Petroleum and Mineral Resources Tareq el Molla.
The meeting reviewed Apache’s activities in Egypt and its targeted investment plans in the coming years in the fields of search, exploration as well as petroleum and gas production.
Molla said the talks also touched on the progress achieved by Egypt’s petroleum sector over the past stage in addition to the economic reforms the State has taken to encourage and lure more investments in the field.