Apache Exceeding Expectation

US-firm Apache has ramped up production from two late-2014 discoveries in the Western Desert. “Delineation-drilling results at the recent Ptah and Berenice oil discoveries have exceeded expectations thus far with current production of approximately 20,000 b/d,” Apache said in its 7 May Q1 results. Not only is the firm well ahead of the previous target of raising output to 17,000 b/d by mid-2015 (MEES, 3 April) but it expects output to hit 22,000 b/d before the end of this month with the addition of an eighth development well, CEO John Christmann told the firm’s Q1 earnings call on 7 May. “Several other new field discoveries have been made across multiple concession areas subsequent to quarter-end. As a result, Egypt is tracking very well against our production outlook from February,” Mr Christmann adds.


DON'T HAVE AN ACCOUNT?


NEED TO UPGRADE YOUR CURRENT SUBSCRIPTION?

By upgrading your Print or Digital subscription you will gain access to the MEES Archives Database with past articles and data dating back from 1984.

UPGRADE