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To develop the oil sector, an American company invests $3.5 billion in Egypt

Egypt intensified during the current year the issuance of licenses to explore for traditional energy sources in several concession areas in the country.

The Egyptian Ministry of Petroleum and Mineral Resources said today, Monday, that it has signed an agreement with the American company Apache, according to which the latter will invest $3.5 billion in oil search and exploration.

And it stated in a statement that the agreement obliges Apache to spend the amount, as a minimum, on research, exploration, development and production work in the concession areas in the Western Desert of Egypt.

The agreement comes within the framework of the joint development and modernization efforts between the two sides, by merging the concession areas of Khalida and Qarun Petroleum Company, which are operating on behalf of the Petroleum Authority and Apache Company, which contributes to raising efficiency and investment.

The agreement opens the way for maximizing production rates of crude oil and natural gas, in light of the agreement to pump more investments in the concession areas in the Western Desert.

The agreement was signed by Minister of Petroleum and Mineral Resources Tarek El-Molla, the CEO of the Petroleum Authority, Eng. Abed Ezz Al-Regal, and David Che, Vice President of Apache and General Manager of the company in Egypt.

This year, Egypt intensified offering licenses to explore for traditional energy sources in several concession areas in the country, to boost oil production, at a time when it reached the natural gas sector sufficiency.



Reference-www.aljazeera.net

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