Apache Corp. (APA) Reports Successful Well in Egypt

By @ibtimes on

Apache Corp. announced a successful well on its acreage under lease in the Faghur Basin in Western Egypt. The West Kalabsha I-1X well encountered 105 feet of net pay in the Safa formation. The well produced at a rate of 4,554 barrels of oil per day and 10.1 million cubic feet of natural gas per day during an initial test period.

“This most recent discovery solidifies the Jurassic Safa as a primary objective in the basin. The well, on a structure identified by 3-D seismic, encountered pay in over 200 feet of total sand, demonstrating the potential size of Safa accumulations in the Faghur. This discovery certainly adds a new dimension to our exploration focus,” said Tom Voytovich, vice president of Apache Corporation.

Apache Corporation is currently building infrastructure to handle the increased production from its reserve base in Egypt. The construction of pipelines and other infrastructure will increase capacity from 8,100 to 40,000 barrels per day by the end of 2010.

Egypt is one of the key areas for Apache Corporation that will power production growth over the next few years. The company has projected production growth of 5-10% in 2010. The company’s other areas of interest include Australia, the United States, Canada, the North Sea, and Argentina.

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