Apache may spend $900mln into its Western Desert oil concessions in Egypt

US oil and gas producer Apache may pump as much as $900 million into its Western Desert oil concessions this fiscal year if oil prices mount a recovery, according to local press citing a senior official at the Egyptian General Petroleum Corporation (EGPC).

The company pumped some $ 840 million in Egypt last fiscal year through its Qaroun and Khalda subsidiaries, both of which are JVs with EGPC.

The recovery in the oil markets from the crash in March and April has stalled in recent weeks. Despite more than doubling from its nadir in April, Brent remains well below its pre-covid January peak of $ 68.91 bbl.