APA Corporation (NASDAQ:APA), the holding company of hydrocarbon exploration company, Apache Corporation recently revealed the ratification of the company’s production sharing contract with Egypt. Following the news, shares of the company gained 7.3% during yesterday’s trading session. However, it pared its gains slightly to close at $27.95 during the extended trading session. Strategic Impact With the ratification of the production sharing contract, APA consolidates 90% of gross production into a single concession. Further, it refreshes existing development lease terms for 20 years. Moreover, with the ratification of the contract, the APA-Sinopec joint venture expects to increase gross capital investment by roughly $235 million in Egypt during 2022.
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