real-time news and commentary for investors
Thursday, Aug 15
Egypt oil and gas output unaffected so far by escalating violence
- Production at Egypt's oil and gas fields remains unaffected by the country's escalating violence, but Royal Dutch Shell (RDS.A, RDS.B) has closed its offices and restricted business travel.
- BP says its operations are unaffected and its people are safe; Egypt produces ~728K bbl/day of oil and ~61B cm/day of gas, with BP and its partners, including Shell, accounting for ~15% of the oil and more than 30% of the gas.
- Not heard from so far is Apache (APA), which controls 9.7M gross acres in Egypt’s Western Desert; only 18% of the acreage has been developed.