Apache and ExxonMobil Expand Natural Gas Initiatives in Egypt

Apache Corporation is set to increase natural gas output by 11% for fiscal year 2024/2025, achieving 500 million cubic feet per day supported by a $1.3 billion investment through a joint venture with Khalda Petroleum. This will also facilitate a 5% rise in crude oil and condensate production, reaching 145,000 barrels daily.

Concurrently, ExxonMobil will begin drilling at the North Marakia Offshore Concession on December 15, following discussions with Egypt's Petroleum Minister to enhance production exports. The collaboration aims to position Egypt as a significant energy hub, with rising natural gas output projected at 6.8 billion cubic feet per day. These initiatives reflect a strategic commitment to energy independence and economic growth.