Apache, the Texas-based independent oil and natural gas producer, said it plans to step up investments in Egypt this year despite the recent political upheaval in the North African country. Apache has the largest footprint of any Western oil producer in Egypt, a fact that pressured Apache shares at height Egypt's political tensions in February.
In 2010, Apache (APA) paid $7 billion to acquire North American and Egypt assets from BP (BP) as part of the British oil giant's plan to divest assets to raise cash for costs tied to the Gulf of Mexico oil spill.
Apache will invest $1.2 billion in Egypt this year, up from $900 million in 2010, Bloomberg News reported, citing a company executive. Apache is targeting increased oil output of 4% and increased gas output of 8% this year. Apache pumped 169,000 barrels of oil equivalent in Egypt last year and hopes to add 100,000 barrels per day to that total by 2015, Bloomberg reported.