David Chi, region vice president of Apache Corporation and general manager of Apache Egypt, said that his corporation will keep sustainable investments in Egypt over next five years, adding that Apache has invested about $20bn in the local market over the past 22 years.
“Egypt is our only operational country in the region where there is plenty of opportunities that is why we prefer to focus on the local market, yet, we always look for good opportunities for investments everywhere,” Chi told Daily News Egypt.
Egypt has very much improved its economic environment compared to a few years ago, asserted Chi, noting that Apache invested about $1bn in 2018 in the western desert oil and gas projects, up to100 wells, and improving facilities.
The authorities have been significantly improving its regulatory framework with the oil and gas sectors’ modernisation strategy pushed by the Minister of Petroleum, Tarek Al-Molla, affirmed Chi, adding, “I think the regulatory environment will continue to improve and that is one of the reasons why we are confident to increase our investment levels.”
Additionally, Chi recommended the government to improve the efficiency in terms of the decision-making process, tendering process, focus more on value rather than the cost and trusting the foreign partners, adding, “those elements will lead for more investments and hopefully better resources for the country.”
Chi noted that the 2019’s new projects in Egypt are multiple and will not be approved by the corporation’s board until next February, adding, “we always keep discussions with the Egyptian government on exploration drilling, development drilling, acquiring additional exploration data, and expanding facilities.”
Apache has 22 years of exploration, development and operations experience in Egypt and is one of the largest acreage holders in Egypt’s western desert, according to the company’s website.