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Apache says work OK in Egypt

Jan. 28, 2011 at 10:03 AM   |   Comments

CAIRO, Jan. 28 (UPI) -- Violence unfolding on the third day of mass demonstrations in Egypt has had no effect on oil and gas production, U.S. energy company Apache Corp. announced.

Demonstrators inspired by the Tunisian revolution poured into the streets across Egypt protesting the government of Egyptian President Hosni Mubarak.

Egyptian police fired rubber bullets and used water cannons to disperse crowds of protesters Friday and demonstrators threw rocks at security forces. Authorities attempted to shut down Internet and cell phone service and journalists were reportedly taken into custody.

Nevertheless, Apache said its activity in Egypt wasn't affected by the social unrest.

"Apache Corp. confirms today its operations and oil and gas production remain unaffected by current events in Egypt," the company said in a statement. "We continue to monitor developments as they occur."

A subsidiary of Apache paid $650 million for four development leases and one exploration concession as part of a multitiered acquisition of BP assets in Egypt.

BP has sold some overseas assets to pay for damages incurred from the summer oil spill in the Gulf of Mexico.

The assets acquired by Apache hold proven reserves of 20 million barrels of oil equivalent. Net production during the first half of 2010 reached more than 6,000 barrels of oil and 11 million cubic feet of natural gas per day, the company said in a statement.

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