U.S. firm to help Egypt search for oil

Thursday, January 8, 2004

A major U.S. energy firm plans to expand exploration and development operations in Egypt.

The Houston-based Apache Corp. has signed a memorandum of understanding with the Egyptian state-owned General Petroleum Corp. and Egyptian Gas Holding Co. for development of the deepwater portion of its Egyptian West Mediterranean Concession. The MoU includes a field development plan and a gas sales agreement for 2.7 trillion cubic feet or more of natural gas over 25 years.

Executives said production would begin in 2007. They said the accord envisions development and infrastructure costs of $6 billion.

Apache already operates the deepwater portion of the concession with a 55 percent interest. RWE-DEA has a 35 percent interest, and BP Group holds 10 percent.

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