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Apache makes oil, gas finds onshore Egypt

May 8, 2013 at 6:17 AM   |   Comments

CAIRO, May 8 (UPI) -- U.S. energy explorer Apache Corp. said it made three oil and natural gas discoveries in the Western Desert of Egypt.

Apache said its Alamein Basin discovery produced a combined rate of 1,625 barrels of oil and 18.7 million cubic feet of natural gas per day in initial testing. The IWA L-1X discovery tested at a rate of 2,041 bpd, while the NRTK-G-1X exploratory well tested at 14.8 million cubic feet of natural gas per day.

"Apache's discoveries, made in three separate basins, highlight the company's diverse potential for new oil and gas developments across its concessions," Apache regional Vice President Thomas Maher said in a statement.

The Egyptian government last month invited multinational energy companies to areas surrounding the Nile valley.

Egypt, since its 2011 revolution, has suffered energy shortages. In November, the government said it was inviting investors to help develop its refinery sector.

The U.S. Energy Department's Energy Information Administration estimates that proven oil reserves for Egypt top 4 billion barrels while natural gas reserves are more than 75 trillion cubic feet.

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