New exploratory activity by Apache

Apache Corp., the U.S major company drilled a new exploratory well, Hathour 1-X in the company’s concession area in the Western Desert.

The drilling of this oil-producing well, which was drilled to a total depth of 16000 feet, counted for $3 million.

Apache’s current gross operated production in Egypt totals approximately 215,000 barrels of oil and 900 MMcf of gas per day, including 40,000 barrels of oil per day from the Faghur Basin.

Apache Corp plans to increase investments in its Egypt operations by $1.5 billion starting in 2012, said Egypt’s General Authority for Free-zones and Investments (GAFI).

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