- Apache (APA -4.4%) is focused on selling much of its international holdings, but CEO John Christmann tells Houston’s Offshore Technology Conference that he is glad the company held on to its assets in Egypt.
- Egypt, which now accounts for 27% of APA’s oil and gas production, has opportunities in both oil and gas, onshore and off, and through both horizontal and unconventional production, Christmann says, adding that APA expects to drill 60-70 wells in the area.
- Other major offshore gas discoveries such as Israel’s Leviathan field are mired in political and regulatory controversies, and such delays benefit Egypt for now, says Matt Loffman of the Douglas-Westwood consulting firm.
- APA remains Egypt’s largest oil and gas producer, although BP and Eni are moving forward with major deepwater gas discoveries offshore Egypt.
- Now read Can Apache successfully ride out this oil market while maintaining growth?