US independent Apache expects its Egyptian operations will generate more than $700mn in free cash flow this year, up from the $600mn forecast in August. With output forecasts relatively flat, higher prices for incremental gas and lower operating costs underpin the stronger outlook.
Gross gas output averaged 542mn cfd in Q3, up 7% from 508mn cfd a year earlier and broadly flat with Q2’s 539mn cfd. Oil production continued to trend down, falling 7% year-on-year to 116,100 b/d, and down slightly from 117,100 b/d in Q2. Overall output slipped to 206,400 boe/d, against 206,900 boe/d in Q2 and 209,700 boe/d a year earlier. (CONTINUED - 725 WORDS)
