Egypt’s Ministry of Petroleum and Mineral Resources, jointly with the Egyptian General Petroleum Corporation (EGPC), signed an agreement with Apache Corporation under which the latter will spend a minimum of $3.5 billion worth of investments.
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Apache, a subsidiary of APA Corporation, will invest in research, exploration, development, and production works related to the concession areas in Egypt’s Western Desert, the ministry announced on Monday.
On 30 November, APA stated that the Egyptian Parliament gave its green light for a previously announced agreement to modernise and consolidate APA’s production sharing contracts (PSCs) with Egypt.
