Apache’s gross production rose to 339,000 barrels of oil equivalent per day (BOE/d) in the third quarter, Egypt Oil & Gas reports.
The figure represents an increase of approximately 1.5% from the company’s production of 334,000 BOE/d in the second quarter, according to the company’s press release.
The company operated 12 rigs in Egypt during the third quarter, approximately one-third of the rigs it operated globally.
Apache’s adjusted production, however, declined to 87,000 BOE/d, as rising crude oil prices reduced the number of cost-recovery barrels awarded to the company.
In August, Apache signed an exploration and production (E&P) agreement with Egyptian Petroleum Corporation (EGPC). Under the terms of the contract, Apache agreed to invest $73 million in the Northwest Razak and South El Shawish Concessions, Egypt Oil & Gas previously reported.