Apache Corp. announces seven oil and natural gas discoveries in Egypt

HOUSTON, Aug. 2 (UPI) -- U.S. energy explorer Apache Corp. announced it made seven oil and natural gas discoveries in the Western Desert of Egypt.

Thomas Maher, general manager of Egyptian operations for Apache, said the discoveries were made across four different geological areas spread out over 9.7 million acres.


"Our exploration and development program in Egypt continues apace, with an average of 27 drilling rigs operating during the second quarter," Maher said in a statement.

One of the discoveries, Riviera SW-1X, is already producing for Apache. During testing the well flowed at a rate of 5,800 barrels of oil and 2.8 million cubic feet of natural gas per day.

Several companies with operations in Egypt evacuated non-essential staff when violence erupted in early July following President Mohamed Morsi's ouster by the military.

BG Group Chief Executive Officer Chris Finlayson said last month the crisis in Egypt was the cause of some of the difficulties. Offshore operations were not affected by the situation in Egypt, though exports of liquefied natural gas have declined for the company.

Apache reported second-quarter earnings Thursday of $1 billion, up from $337 million in the previous quarter.


Latest Headlines