Gross Egyptian crude output dipped 2% from 2011’s record to 213,000 b/d. But with 32% of Egypt’s total output Apache remains the country’s largest producer. Gas output rose strongly, topping 900mn cfd for the first time, although volumes eased after peaking at 910mn cfd in the first quarter. Overall barrels of oil equivalent (boe) output was also up slightly (see table).

On a net basis Apache’s figures were less rosy, with 2012’s production (100,000 b/d, 354mn cfd) down on 2010 as well as 2011. The terms of Apache’s production sharing contracts (PSCs) see its net take fall when prices rise and prices for its Egyptian crude production were $30/B higher in 2012 (and 2011) than in 2010. (CONTINUED - 665 WORDS)