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Apache, Egypt’s largest oil producer, says output will fall this year, but hopes major recent finds mean better times ahead. Egypt’s 2014 gas output was the lowest since 2005.
US-firm Apache forecasts that the firm’s gross Egyptian output “will decline modestly in 2015.”
But Apache CEO John Christmann told the firm’s 12 February results conference call that “Apache had an excellent fourth quarter in… Egypt, where we made two significant new oil discoveries… the Ptah and Berenice field discoveries appear to be two of Apache’s largest oil field discoveries in Egypt over the last 15 years.” Appraisal work is already underway.
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