China’s Sinopec to buy $3.1bn stake in Apache Egypt assets

30 August 2013 08:36  [Source: ICIS news]

SINGAPORE (ICIS)--China’s Sinopec said on Friday it has agreed to buy a 33% stake in the Egyptian oil and gas business of US-based Apache Corp for $3.1bn (€2.36bn).

Apache will retain the remaining stake of the oil and gas assets in Egypt’s Western Desert and continue to be the operator of the production fields, Sinopec said in a statement.

As of 31 December last year, the remaining oil and gas reserves in the fields are estimated at 641m bbl and 3,790bn cubic feet, respectively, it said.

The average oil and gas output there last year were estimated at around 363,000 bbl of oil equivalent (boe)/day, the company said.

Once the deal is completed, the assets in Egypt is expected to generate up to 130,000 boe/day of oil and gas for Sinopec once peak production is reached, it added.

($1 = €0.76)

By: Fanny Zhang
+65 6780 4359

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