Apache’s Production In Egypt Up 3%

Apache Corporation said Monday it has increased production in Egypt’s Western Desert thanks to the development of new leases.

The Houston company’s current gross production in Egypt is about 203,000 barrels of oil and 880 million cubic feet of gas per day, up 3% from 2011, the company said in a press release.

Under the terms of production-sharing agreements with the government, Apache’s net production is about half of the gross output, the company said. Production was boosted by the addition of 5,200 barrels of oil equivalent a day coming from seven new development leases in the Faghur Basin, the company said.

The announcement is the latest sign that Apache’s operations in Egypt continue unchanged despite the political instability following last year’s revolution. In March, Apache Chief Executive G. Steven Farris said he was confident the political situation in the country will stabilize with time.

A slide presentation used by Farris at the Howard Weil Energy Conference in New Orleans and posted on the company’s website said Egypt represents 20% of Apache’s worldwide production and that the company is currently drilling in 26 locations in that country.

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