Chinese state giant Sinopec has made its initial foray into North Africa with the $3.1bn purchase of 33% of the Egyptian interests of US independent Apache. The US firm will continue as operator of its mostly Western Desert concessions which produced 213,000 b/d and 900mn cfd (gross) for 2012, making Apache Egypt’s largest oil producer (net output was 100,000 b/d and 354mn cfd).
Sinopec says the deal will add 130,000 barrels a day of oil equivalent (boe/d) to its output. This is a third of the Apache gross figures: on a net basis the Sinopec addition is 53,000 boe/d (33,000 b/d oil, 118mn cfd gas). (CONTINUED - 954 WORDS)