Apache CEO, John Christmann, told Houston’s Offshore Technology Conference that he is glad the company held on to its assets in Egypt, while it has been selling most of its international holdings, Fuel Fix reported. He specifically cited the better cash margins Apache is getting in Egypt compared to the US. Christmann further added that the company expects to drill 60-70 wells in its concession area.
Christmann said that Egypt has opportunities in both oil and gas, onshore and offshore, and through both horizontal and unconventional production.
Egypt now accounts for 27% of Apache’s oil and gas production. Apache remains Egypt’s largest oil and gas producer, although BP and Eni are moving forward with major deepwater gas discoveries offshore Egypt, Seeking Alpha website added.