Egypt’s top oil producer, US-firm Apache, like almost all IOCs, slashed upstream spending following the oil price collapse in March. It is in the US where the firm has made the biggest cuts, slashing upstream capital spending to a mere $6mn for Q3, down from $420mn a year earlier.
Spending in Egypt was also cut, but by far less. At $65mn for Q3 it was down 18% on Q2 and level with the year-ago figure. Indeed, Egypt made up a record 46% of Apache’s overall upstream capex for Q3 2020: for 2019, when the Permian remained king, the figure was just 13%. Including the 1/3 stake of Chinese state firm Sinopec in ‘Apache Egypt’, overall Apache Egypt upstream capex was $98mn for Q3. (CONTINUED - 808 WORDS)