By Ben Fox Rubin
Apache Corp. (APA) announced a handful of developments that it
said set the stage for continued growth this year in Egypt's
Western Desert.
The oil and gas exploration and production company in late
August reached a deal to sell a 33% stake in its Egypt business to
China Petrochemical Corp., or Sinopec, for $3.1 billion. The deal
helped push Apache above the $4 billion target for asset sales that
the company announced last year as part of a plan to shore up its
balance sheet after years of acquisitions.
Based on new field discoveries in the North Tarek and Khalda
Offset concessions, Apache said it applied for two additional
development leases expected to be approved in 2014. Also, three
leases recently approved brought the number of applications
approved during 2013 to 20.
Apache's Khalda Petroleum joint venture completed drilling
operations on what the company said was the deepest well ever
drilled in the Western Desert.
Apache also said the first well of a multi-well horizontal
drilling program in the Western Desert was drilled, completed and
is currently producing.
Shares closed Wednesday at $81.02 and were inactive premarket.
The stock is down 8.9% over the past three months.
Write to Ben Fox Rubin at ben.rubin@wsj.com
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