DOW JONES NEWSWIRES
Apache Corp. (APA) unveiled five oil discoveries in the far southwest of the Western Desert oil region of Egypt, a nation that is a key growth area for the oil and gas producer.
The company has switched up its focus, shifting from rapid growth to the integration of operations it picked up in 2010, the most active acquisition year in the company's history. The acquisitions included BP PLC's (BP, BP.LN) oil and gas properties in Egypt's Western Desert, part of a larger deal to buy $7 billion of BP's assets around the globe.
The latest finds bring the company's discoveries in the Faghur Basin region to eight this year. Drilling is under way on three additional wells, with plans for eight more in 2011. The five discoveries logged a combined 189 feet of net pay of oil and gas.
"Our recent drilling successes provide clear evidence of the exploration potential on Apache acreage in Egypt and the benefits of working in stacked-pay areas," Tom Voytovich, vice president of Apache's Egypt business, said.
The company's current production in Egypt totals about 215,000 barrels of oil and 900 million cubic feet of gas a day.
In April, Apache reported that its first-quarter earnings surged 61%, handily topping analysts' views, as sharply higher oil prices helped revenue jump by nearly half.
Shares were up 0.7% at $116.94 in recent trading.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com