Egypt’s oil and gas sector needs a 21st century revamp, James House, senior regional vice president of Apache told Platts. The country needs to rethink its JV model, which, he says "tethered" in various ways to state agencies, was a "limiter" to progress, and welcomed a recent initiative by the Oil Ministry to look at updating the model. He says the “current way of doing business serves to block ‘tough decisions,’ and ‘younger minds’ are needed in the industry, he said, adding that more ‘external resources’ would also be helpful in the modernization process.” House also said Apache was going to increase its capital spending in Egypt this year from last year's level of USD 300 mn and that the company could add another rig to its current fleet of 12. He added that Apache will remain focused on the onshore in Egypt, saying “we've got plenty of opportunities onshore to pursue … It's about staying true to form and playing within your strengths. We're the biggest acreage holder in the Western Desert and we've learned a few things over two decades and so we've picked up two concessions that we felt like we could add a lot of value to."

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