Overview

Egypt

Apache has 22 years of exploration, development and operations experience in Egypt and is one of the largest acreage holders in Egypt’s Western Desert. At year-end 2017, the company held 5.6 million gross acres in 25 separate concessions. Development leases within concessions currently have expiration dates ranging from four to 20 years, with extensions possible for additional commercial discoveries or on a negotiated basis. Approximately 69 percent of the company’s acreage in Egypt is undeveloped, providing considerable exploration and development opportunities for the future. During 2017, Apache received final approval of the NW Razzak and South Alam El Shawish concession blocks. Combined, the two concessions added approximately 1.6 million net undeveloped acres in Egypt.
 
The company’s estimated proved reserves in Egypt are reported under the economic interest method and exclude the host country’s share of reserves. The Egypt Region, including the one-third noncontrolling interest, contributed 35 percent of 2017 production, 20 percent of year-end estimated proved reserves, and 33 percent of estimated discounted future net cash flows. Excluding the noncontrolling interest, Egypt contributed 27 percent of 2017 production, 15 percent of year-end estimated proved reserves, and 25 percent of estimated discounted future net cash flows.

In 2017, the region drilled 67 development and 27 exploration wells. Approximately 52 percent of the exploration wells were successful, further expanding Apache’s presence in the westernmost concessions and unlocking additional opportunities in existing plays. A key component of the region’s success has been the ability to acquire and evaluate 3-D seismic surveys that enable Apache’s technical teams to consistently high-grade existing prospects and identify new targets across multiple pay horizons in the Cretaceous, Jurassic and deeper Paleozoic formations.

In September 2017, Apache began shooting high-resolution 3-D seismic surveys in the West Kalabsha concession, the first of its kind in the Western Desert. The company will ultimately expand the shoot to cover the majority of its acreage in Egypt. The program will provide newer vintage, higher resolution imaging of the substrata across Apache’s Western Desert position, allowing the company to build and high-grade its drilling inventory.

EGYPT OPERATIONAL HIGHLIGHTS

  Fourth-QUARTER
2017
Fourth-QUARTER
2016
Oil production (Bpd) 96,633 99,557
Total liquids production (Bpd) 97,150 100,531
Natural gas production (Mcfd) 376,285 356,637
Barrels of oil equivalent per day 159,864 159,971

 

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