Texas-based Apache, Egypt’s top oil producer, announced on 30 November that the ‘modernized’ production sharing contracts (PSCs) signed with Egypt’s state oil firm EGPC have been approved by the Egyptian Parliament. Final approval from President Sisi is now expected by year-end.
Apache says it has already been ramping up activity in Egypt in anticipation of the new terms, which will apply retroactively for 2021. It’s current rig count of 11 is up from five at the start of the year (MEES, 12 November). (CONTINUED - 249 WORDS)