US independent Apache edged its Egyptian output higher in Q1 as the country’s share of Apache’s capex topped 25% for the first time.

Amid a 64% cut to its overall capex from a year earlier, its Egyptian spend is down (see table), but by much less than its core North American assets, where the $241mn Q1 spend is down 73% on the $900mn Q1 2015 figure. The firm’s overall capex fell to just $447mn in Q1, a massive reversal from the quarterly average of $2.75bn throughout the 2012-2014 boom years. (CONTINUED - 705 WORDS)