EGPC, Apache discover new natural gas well in Egypt's Western Desert. Ahram online, Tuesday 24 mar 2026. The Egyptian General Petroleum Corporation (EGPC), in partnership with US-based Apache Corporation, has discovered a new natural gas well in the Western Desert, which is expected to produce 26 million cubic feet of gas per day (MMcfd), according to a statement by the Ministry of Petroleum and Mineral Resources on Tuesday. File Photo: Apache seismic trucks in a location in Egypt. Photo: Company's website. The newly drilled SKAL-1X exploration well is also expected to yield 2,700 barrels of condensate daily. It is located in the South Kalabsha or Kalabsha Development area, operated by Khalda Petroleum Company, a joint venture between EGPC and Apache. Apache has been expanding its production operations in Egypt, increasing its presence in the Western Desert. The company's total investments in Egypt now exceed $4 billion. The discovery aligns with Egypt's plan to increase domestic energy production to meet growing demand. The country aims to drill around 101 new exploratory oil and gas wells in 2026 and over 480 wells across all petroleum-producing areas as part of a five-year strategy. Egypt is also accelerating operations to secure additional LNG shipments and adjusting supply flows following the suspension of Israeli gas supplies due to the ongoing US-Israeli war on Iran, amid concerns that the disruption could continue. The new well discovery comes amid recent domestic fuel and gas price hikes, driven by escalating regional tensions affecting global energy markets. Earlier this month, the government raised fuel and gas prices by 14-30 percent to maintain energy supplies for electricity, industry, and housing, while global crude prices exceeded $90 per barrel. Other recently discovered wells in the Western Desert include Badr El-Din Petroleum Company's BED 15-35 well, expected to produce 10-15 MMcfd of gas and 300-650 barrels of condensate daily. Egypt plans to drill over 100 exploratory wells in 2026 alone, alongside development drilling in existing fields, to maximize resources, secure new energy reserves, and slow production declines as exploration activity intensifies. These efforts aim to reduce fuel imports, limit reliance on foreign energy, and strengthen domestic energy reserves. The government also said it will clear all remaining payments owed to oil and gas production partners, amounting to $1.3 billion, by the end of June 2026. Currently, Egypt produces about 4.1 billion cubic feet of gas per day, while domestic demand is around 6.2 billion cubic feet per day. Follow us on:

APA Corporation reported fourth-quarter net income of $279 million, or 91 cents per share after adjustments, beating Wall Street expectations of 62 cents per share. The Houston-based oil and natural gas producer posted revenue of $1.98 billion, surpassing analyst forecasts of $1.92 billion. For the full year, APA reported profit of $1.43 billion, or $3.99 per share, on revenue of $9.22 billion. Shares rose 14% since the beginning of the year and have climbed 24% over the past 12 months, reaching $27.84 in Wednesday trading.

APA Corporation announces appointment of Robert P. Rayphole as vice president, chief accounting officer and controller. HOUSTON, Nov. 10, 2025 (GLOBE NEWSWIRE) - APA Corporation (Nasdaq: APA) today announced that Robert P. Rayphole has been promoted to vice president, chief accounting officer and controller, effective Nov. 15. Rayphole will lead APA's Accounting department, providing global oversight of the company's accounting organization and overseeing financial reporting, accounting operations and compliance with U.S. GAAP and SEC requirements. The role of chief accounting officer and controller was previously held by Rebecca A. Hoyt, who announced her retirement earlier this year after 33 years of dedicated service with the company. "I am pleased to welcome Rob to APA's leadership team," said APA Chief Financial Officer Ben Rodgers. "With his deep expertise in financial reporting, accounting and internal controls, Rob will play a key role in supporting APA's commitment to transparency, financial accuracy and operational excellence across our global finance organization. I would also like to thank Becky for her exceptional leadership and 33 years of dedicated service to the company." Rayphole joined the company in 2002, earning positions of increasing responsibility, including being named assistant controller in 2011. Before joining APA, Rayphole was an audit manager at Arthur Andersen LLP, an independent accounting firm, from 2000 to 2002. He holds both a bachelor's and a master's degree in accounting from Texas A&M University. About APA APA Corporation owns consolidated subsidiaries that explore for and produce oil and natural gas in the United States, Egypt and the United Kingdom and that explore for oil and natural gas offshore Suriname and elsewhere. APA posts announcements, operational updates, investor information and press releases on its website, www.apacorp.com.