Sinopec to buy 33% of Apache's Egypt operations for $3.1 billion

09/09/2013
Apache Corp. reported after markets closed Aug. 29 that it will form a global upstream partnership with Sinopec International Petroleum Exploration & Production Corp. to pursue oil and gas projects. As an initial part of the deal, China's Sinopec will pay the Houston independent $3.1 billion cash in exchange for a 33% minority participation in Apache's Egypt oil and gas business, which Apache will continue to operate, it said. Apache currently controls 9.7 million gross acres in Egypt, of which only 18% has been developed. Net production from the company's Egypt operations in 2012 averaged 100,000 b/d of oil and 354 MMcfd of natural gas, which comprised 27% of the company's worldwide ...
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