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U.S company finds oil, gas in Egypt's Western Desert

Apache Corp made five new oil and natural gas discoveries in the Faghur Basin in Egypt

Reuters, Friday 17 Jun 2011
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 Apache Corp made five new oil and natural gas discoveries in the Faghur Basin in Egypt's Western Desert, the U.S. oil and gas company said on Thursday.

Last year, wells in Egypt produced more than 20 per cent of Apache's oil and gas output. The company's operations were never disrupted by the unrest in Egypt that ended in the ouster of veteran leader Hosni Mubarak.

"These discoveries and production from the Tayim development lease approved during the revolution period illustrate the fact that Egypt's energy sector is continuing to move forward," Tom Voytovich, vice president of Apache's Egyptian unit, said in a statement.

Apache, based in Houston, said a development well on Egyptian acreage it acquired from BP Plc in 2010 showed promise and is expected to lead to several additional wells before the end of the year.

So far this year, Apache has drilled eight new discoveries in 10 attempts in the Faghur Basin, it said.

Shares of Apache rose 0.8 per cent, or 97 cents, to $117.11 in morning New York Stock Exchange trading. Apache shares were outperforming a slight gain in the CBOE index of oil companies .

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