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U.S. Apache Corp. keen on investing in Egypt, official says

Jan. 31, 2014 at 6:12 AM   |   Comments

HOUSTON, Jan. 31 (UPI) -- Egypt's oil and gas resources provide "continued opportunity for profitable investment," said Thomas Maher of Apache Corp.

The U.S. company has 27 drilling rigs and 5 million acres targeted for exploration in Egypt's Western Desert.

"Apache sees continued opportunity for profitable investment developing Egypt's oil and gas resources," Maher, a company general manager for Egypt, said in a statement Thursday.

The company, which has headquarters in Texas, said some of its latest operations are already producing, or have discovered, oil and natural gas.

Last year, Apache drilled more than 250 wells in the region.

For the third quarter, the last full quarter for which data are available, gross production averaged 346,530 barrels of oil equivalent per day,Apache said.

British energy company BG Group said Monday it declared force majeure in Egypt, meaning it's unable to meet certain contractual obligations because of circumstances beyond its control.

It said the interim Egyptian government hasn't honored agreements on the company's share of natural gas from Egyptian fields.

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