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Apache completes sale of Egyptian assets to Sinopec

HOUSTON, Nov. 15 (UPI) -- Apache Corp. Chief Executive Officer G. Steven Farris said he was enthusiastic about a new energy partnership in Egypt with China's Sinopec.

"We welcome Sinopec as our new partner in Egypt; together, we will continue to deliver the tremendous hydrocarbon resources in the Western Desert at attractive rates of return," he said in a statement.

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Apache Corp. said Thursday it completed the sale of its 33 percent share in its oil and gas business in Egypt to Sinopec, known formally as China National Petroleum Corp.

Apache disclosed the terms of the sale in August. It said it received $3.1 billion in cash from Sinopec for the Egyptian shares.

The U.S.-based company said it would continue serving as the operator at its upstream assets in Egypt.

Apache offered no information on the production capacity from its Egyptian assets. As a whole, Apache last year produced a net average of 100,000 barrels of oil and 354 million cubic feet of natural gas per day.

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