Cairo nod for Apache plans

EGYPT'S OIL MINISTER Sameh Fahmy has given the nod to two agreements between US independent Apache and state-run player Egyptian General Petroleum Corporation covering exploration in the Western Desert.
The deals involve investment of at least US$55mn and under the agreement, Apache will drill 13 wells.
Apache has invested US$8bn in Egypt over a period of 15 years.
Thomas Voytovich, vice president and general manager of Apache's Egyptian unit, said he saw further opportunities in the North African country due to robust growth in domestic gas consumption.
"The corporation considers Egypt as an area of growth," Voytovich said. "Their gas consumption is going to grow a lot."
He added that all of Apache's gas sourced from Egypt was supplied to the local grid.
Voytovich said Apache was spending around US$1bn a year in Egypt and saw that figure being maintained or growing in coming years.
"If everything works favourably: the pricing environment, demand, and our success in drilling, I could see that there is room for that (the spending per year) to continue," he added.
 

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