The US oil and gas producer Apache Corp. operating in Egypt aims to reach an agreement with the Egyptian government about raising the prices of gas supplied by the end of the year, the company said on Wednesday.
The company expects capital investment to remain stable over the next few years at US$1.4 billion annually, with an increase of $450 million in operating expenses.
Meanwhile, Egypt is negotiating with other gas company producers to raise prices in order to encourage them to undergo new exploration.
"Recent drilling results, approval of three new development leases and expanded natural gas processing facilities in the West Kalabsha area have set the stage for continued growth and investment in Egypt's Western Desert in 2014, Apache recently said.
Apache operates in Egypt in partnership with Sinopec International Petroleum Exploration and Production Corporation, which owns a one-third minority interest in Apache's Egypt oil and gas business.
