Middle East Economic Survey

VOL. XLIX

No 42

16-Oct-2006

EGYPT

Apache Khalda Farms In To East Ras Budran

Apache Khalda Corporation, a subsidiary of Apache Corporation of the US, has farmed in to the East Ras Budran (ERB) concession for 75% in a deal with Regal Petroleum. Subject to the approval of the Egyptian government, Apache will pay $4.85mn representing a proportionate re-imbursement of back costs expended by Regal in the concession. The two companies have agreed a future exploration program...