Apache production up by three per cent in Egypt

Apache_Egypt_1Apache's production In Egypt jumps 3 per cent : Image credit - apachecorp.comApache Corp has announced that it has increased production in Egypt's Western Desert by three per cent this year due to development of seven new leases.

The company's current gross production in Egypt is about 203,000 barrels of oil and 880 million cubic feet of gas per day, up three per cent from 2011, the company said in a statement.

Production was boosted by the addition of 5,200 barrels of oil equivalent a day, coming from seven new development leases in the Faghur Basin.

"Apache is pushing Jurassic, Cretaceous and Paleozoic plays farther south and westward in the Faghur Basin," said Egypt Region vice president, Tom Voytovich.

"This significant expansion in development acreage in the Faghur Basin is the result of Apache's strong regional knowledge that enables our geoscientists to identify multi-pay targets as they develop new play concepts. This work has led to the discovery of five new Faghur fields over the last six months," he added.

Under the terms of production-sharing agreements with the government, Apache's net production is about half of the gross output.

Egypt represents 20 per cent of Apache's worldwide production and the company is currently drilling 26 locations in the country.

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