The Egyptian Ministry of Petroleum announced the signing of an agreement with the American company Apache; To develop concession areas in the Western Desert of the Arab Republic of Egypt.
Under the agreement, the American company is obligated to spend about $3.5 billion as a minimum on research, exploration, development and production in the concession areas in the Western Desert, the ministry said in a statement, today, Monday. .
The signed agreement comes within the framework of the joint development and modernization efforts between the two sides by merging the concession areas of the Khalida and Qarun Petroleum Company, which are operating on behalf of the Petroleum Authority and Apache Company, which contributes to raising the Efficiency, optimal investment of capabilities and achieving excellence in light of the current changes.
The agreement also opens the way to maximize production rates from crude oil and natural gas in light of the agreement to pump more investments in the concession areas in the Western Desert and expand the use of the latest technologies applied in the field. The fields of research, drilling and production, which achieve the ambitions and objectives of the petroleum sector and Apache Company to exploit the potential of production facilities in the Western Desert to achieve more joint successes for the benefit of both sides.
