Subsidiary: Apache Corporation
Apache has operated in Egypt for more than 26 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 and include high-impact exploration targets in both new and legacy acreage. Apache employs thousands of people in Egypt through its joint venture companies – a diverse team whose members share the values of continuous improvement, innovation and a drive to succeed with a sense of urgency.
A key component of Apache’s success 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.
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. The new 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 2021, 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 Apache with considerable exploration and development opportunities for the future. The operations in Egypt, including a one-third noncontrolling interest, contributed 30% of 2021 production and 21% of year-end estimated proved reserves.
Please note that the data on this page is current as of Dec. 31, 2021. For the latest on Apache’s Egyptian operations, please see our quarterly updates and disclosures on the Investors page.