President Abdel Fattah El-Sisi has held high-level meetings with executives from Apache Corporation and ExxonMobil to expand exploration and production activities across Egypt’s energy sector, signaling a major push to strengthen the country’s position as a regional energy hub. In meetings attended by Prime Minister Mostafa Madbouly and Petroleum Minister Karim Badawi, El-Sisi met with John Christmann, CEO of Apache Corporation, America’s largest investor in Egypt, and John Ardill, Vice President of Global Exploration at ExxonMobil. The President praised Apache’s long-standing success in Egypt and emphasized that the company’s initiatives send a strong signal of confidence in the Egyptian economy.
Apache has recently signed an agreement to add five new blocks involving drilling 14 wells in the Western Desert with 35 million dollars in investments and a 25 million dollar signature bonus. The company, which has been present in Egypt since the mid-1990s, remains a leading producer in the Western Desert through its joint venture with EGPC and Khalda Petroleum.
ExxonMobil presented detailed progress reports on operations in its two Mediterranean concession areas, Cairo and Masry, utilizing advanced drilling technologies and intensifying upstream efforts following seismic surveys. The company has completed a 3D seismic survey covering 11,000 square kilometers, with data analysis currently underway ahead of drilling operations. In April, the Egyptian Natural Gas Holding Company signed a preliminary Memorandum of Understanding with ExxonMobil Egypt Upstream Ltd. to establish a new system in the offshore concession areas.
El-Sisi reaffirmed Egypt’s readiness to provide all necessary support and facilitation to ensure the success of these projects, emphasizing the government’s commitment to achieving mutual benefit and sustainable growth in the energy sector.
Source: egyptoil-gas.com, see.news