U.S., China oil firms team up to explore Egypt’s energy assets

Special to WorldTribune.com

WASHINGTON — A leading U.S. contractor has teamed with China to
explore for energy in Egypt.

Apache Corp. said it intends to form a partnership with China’s Sinopec
International Petroleum Exploration & Production Corp.

Apache Corp. has had success in energy exploration in Egypt's Western Desert. /Apache Corp. photo — U.S. firm Apache Corp. has had success in energy exploration in Egypt’s Western Desert. /Apache Corp. photo

Apache said Sinopec would pay $3.1 billion for a 33 percent stake in the crude oil and natural gas assets of the Houston, Texas company in Egypt. The agreement would require approval by the government in Cairo.

“Their [Sinopec] technical expertise complements our 20 years of experience operating in Egypt and creates an alliance that will continue to explore and deliver the tremendous hydrocarbon resources in the Western
Desert,” Apache chairman Steven Farris said.

“Sinopec is an ideal partner for us, and we look forward to the growth and value generation ahead for both companies through the expansion of our collaboration to other projects.”

Under the agreement, Apache, which controls 9.7 million acres in Egypt,
would continue to operate the assets in the Western Desert. Apache reported
a daily output of 100,000 barrels of oil and 354 million cubic feet of gas
in 2012.

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U.S., China oil firms team up to explore Egypt’s energy assets added by World Tribune on September 5, 2013
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