Houston-based APA Says Egypt Close to Being ‘Most Attractive Investment’ in Portfolio

The new PSC will consolidate the majority of the concessions operated by APA’s subsidiaries operating in Egypt (Apache) into a single new concession.

Hart Energy Staff

APA Corp. has revealed that the Egyptian Parliament has approved an agreement on Nov. 30 to modernize and consolidate its current production sharing contracts (PSCs) with Egypt’s Ministry of Petroleum and Mineral Resources (MOP) and the Egyptian General Petroleum Corp. (EGPC).

The PSC now goes to the desk of Egyptian President Abdel Fattah El-Sisi for his ratification, which is the next and final step for the revised PSC terms to take full legal effect. Once this has occurred, APA will provide additional details of the PSC changes and updated guidance regarding the financial impacts of various terms, APA’s revised investment plans and the resulting changes to the near-term production growth profile.

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