Apache: Oil Drilling Success, But Activity Set To Slump

Key Egypt oil producer Apache says that it expects production to rise this quarter “as we ramp up activity on our new East Bahariya concession” in the Western Desert having identified “several hundred new leads and prospects” across both legacy and new acreage following its most recent seismic shoot.

East Bahariya was a key focus of Apache’s 23-well Q1 drilling program with the firm bringing online three Q1 exploration wells at a combined 4,500 b/d.

Apache CEO John Christmann, on the firm’s Q1 results call on 1 May, flagged up other key “exploration success on our legacy acreage.” “One notable well on our Siwa concession in the Faghur Basin achieved a 30-day average flow rate of 5,200 b/d. In the Matruh Basin, our Tango North exploration well tested at a rate of 4,000 b/d and will go online around mid-year,” he says. (CONTINUED - 228 WORDS)