Apache Sees Continued Growth in Egypt's Western Desert in 2014

   By Ben Fox Rubin 
 

Apache Corp. (APA) announced a handful of developments that it said set the stage for continued growth this year in Egypt's Western Desert.

The oil and gas exploration and production company in late August reached a deal to sell a 33% stake in its Egypt business to China Petrochemical Corp., or Sinopec, for $3.1 billion. The deal helped push Apache above the $4 billion target for asset sales that the company announced last year as part of a plan to shore up its balance sheet after years of acquisitions.

Based on new field discoveries in the North Tarek and Khalda Offset concessions, Apache said it applied for two additional development leases expected to be approved in 2014. Also, three leases recently approved brought the number of applications approved during 2013 to 20.

Apache's Khalda Petroleum joint venture completed drilling operations on what the company said was the deepest well ever drilled in the Western Desert.

Apache also said the first well of a multi-well horizontal drilling program in the Western Desert was drilled, completed and is currently producing.

Shares closed Wednesday at $81.02 and were inactive premarket. The stock is down 8.9% over the past three months.

Write to Ben Fox Rubin at [e-mail]

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