Apache has completed its $650m acquisition of BP’s oil and gas operations in Egypt’s Western Desert.
The acquisition includes four development leases and one exploration concession across 394,300 acres.
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The assets have estimated proved reserves of 20 million barrels of oil equivalent (59% liquids) and first-half 2010 net production of 6,016 barrels of oil and 11 million cubic feet of natural gas per day.
The assets also include a natural gas processing plant, a liquefied petroleum gas plant and oil and gas export lines, which will enable Apache to increase production from its existing fields in the Western Desert.
The latest acquisition completes Apache’s previously announced three-part acquisition of BP assets.
Apache had acquired a portion of BP’s upstream natural gas business in western Alberta and British Columbia, Canada, along with BP’s oil and gas operations, acreage and infrastructure in the Permian Basin.
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By GlobalData
