Apache injects $250 million investments in oil, natural gas
Egypt, Economics, 12/13/2002

Egypt's Prime Minister Atef Ebeid yesterday received Raymond Plank, Chairman of the Board of multi-national Apache Corporation for Oil and Natural gas.

Minister of Petroleum Sameh Fahmi said Plank is visiting Egypt for the second time in ssveral months, which underlines the importance of the corporation's works in Egypt and its investments that hit this year $250 million worth for prospecting for oil and gas in 13 deep water areas in Mediterranean Sea as well as other spots in the Eastern and Western Deserts.

Fahmi said the oil discoveries give a production currently hitting 90,000 barrels per day (bpd) of crude oil, in addition to the double exploration of oil and gas in a number of these areas, which is of interest to the company.

On his part, Plank said he discussed with Ebeid means to up the corporation's investments to prospect for oil and gas in the Mediterranean deep water areas.

He said he also discussed programmes to provide training courses for the Egyptian workers and directors to send them to the corporation's centres in the United States.

The U.S. multi-national corporation prepared some studies to develop prospection for oil and gas in some promising areas in the Mediterranean Sea, said Plank, adding these efforts are fully supported by the Egyptian government.

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