Subsidiary: Apache Corporation
Apache has operated in Egypt for more than 27 years and is one of the largest American investors and the largest oil producer in the country. The company’s primary interests are in the Western Desert with high-impact exploration targets in both new and legacy acreage. Apache employs thousands of people in Egypt through its joint venture company.
A key component of Apache’s success in Egypt has been the ability to acquire and evaluate 3-D seismic surveys that enable the technical teams to consistently high-grade existing prospects and identify new targets across multiple pay horizons in the Cretaceous, Jurassic and deeper Paleozoic formations. As of 2020, the company has completed seismic surveys covering more than 3 million acres.
During 2022, the company focused on several environmental initiatives in Egypt and delivered on its 2022 upstream flaring reduction goal. The company flared 40% less gas than would otherwise be flared by compressing the flared gas into sales lines.
On December 27, 2021, the company announced the ratification of a modernized production sharing contract (PSC) with the Ministry of Petroleum and the Egyptian General Petroleum Company. This PSC places Egypt at the top of APA’s investment portfolio, bolstering its position as an emerging regional energy hub and attractive investment destination.
At year-end 2022, the company held 5.3 million gross acres in six separate concessions. Approximately 68% of the company’s gross acreage in Egypt is undeveloped, providing considerable exploration and development opportunities for the future. The operations in Egypt, including a one-third noncontrolling interest, contributed 37% of 2022 production and 21% of year-end estimated proved reserves.
Please note, the data on this page is current as of Dec. 31, 2022. For the latest on Apache’s Egyptian operations, please see our quarterly updates and disclosures on the Investors page.