Sinopec Sidesteps Instability To Go Big On Egypt
Chinese state giant Sinopec has made its initial foray into North Africa with the $3.1bn purchase of 33% of the Egyptian interests of US independent Apache. The US firm will continue as operator of its mostly Western Desert concessions which produced 213,000 b/d and 900mn cfd (gross) for 2012, making Apache Egypt’s largest oil producer (net output was 100,000 b/d and 354mn cfd).
Sinopec says the deal will...