US corporation Apache is scheduled to pump more investments in its concession areas in the Western Desert, announced Egypt’s Petroleum and Mineral Resources Ministry.
The move aims to improve the productivity of aging wells, intensify research and exploration activities and make new discoveries in light of the significant results of seismic research operations, which showed promising petroleum potential.
The advanced technologies that Apache will provide will open up broader prospects for research and exploration in deep layers that were not possible before, said Petroleum and Mineral Resources Minister Tarek el-Molla during a meeting with President of Apache International John Christmann on Monday.
He highlighted the effective participation of Apache in implementing training programs for Petroleum Ministry employees.
The officials discussed plans for the upcoming period in light of the company’s keenness on expanding its activities in Egypt.
They tackled ways of developing the system of the two joint companies, Khaleda and Qarun, with Apache in line with the memorandum of understanding (MoU) signed between them during the EGYPS 2022 conference and activating the merger of the two companies.
Molla stressed the importance of developing and improving governance systems and policies in the Khaleda and Qarun companies after the merger, as well as human resources systems, building cadres, and digital transformation by benefiting from the best international practices.
For his part, Christmann stressed Apache’s commitment to intensifying its activities in Egypt, saying it was the most important work area for the company in the world.
He hailed the progress achieved in Egypt’s energy sector, as well as the positive steps taken to transform the North African country into a regional energy trading hub.