Apache to boost Egypt's natural gas production with $60mln drilling plan in March
Egypt - The US company Apache will launch an intensive drilling program in Egypt's Western Desert in March, aiming to add 80 million cubic feet of natural gas per day to its production with investments exceeding $60 million, an unnamed government official told Asharq Business.
Apache plans to invest $3.5 billion in Egypt over the next five years for exploration and production in its concessions in the Western Desert, the official revealed.
The American company intends to raise its natural gas output in Egypt from the current 450 million cubic feet per day to 500 million cubic feet by the end of fiscal year (FY) 2024/2025.
The Egyptian government is working to secure sufficient gas supplies to meet rising domestic demand, particularly for the electricity sector during the summer.
In 2024, it resorted to purchasing liquefied natural gas shipments to compensate for a production shortfall during peak months.
Apache's fields in the Western Desert currently produce over 220,000 barrels of oil equivalent per day, including crude oil, condensates, and natural gas.
The company increased its crude oil production in FY 2022/2023 from 113,600 barrels per day to 121,000 barrels, excluding condensates, due to significant investments of $1.3 billion that year in exploration and field development.
Apache operates in partnership with Khalda Petroleum, its Egyptian counterpart, which oversees operations in the company's concession areas in the Western Desert.
Egypt is relying on Apache and Italy's Eni to help boost the country's gas production and regain self-sufficiency.
The government has agreed to settle overdue payments with the companies to encourage them to continue exploration and field development operations.
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