Middle East Economic Survey

VOL. LIII

No 46

15-Nov-2010

EGYPT

Apache Completes BP Western Desert Assets Acquisition

Apache Corporation has completed its acquisition of BPs oil and gas operations, acreage and infrastructure in Egypts Western Desert. Under the $650mn deal the US company acquires four development leases and one exploration concession with combined proven reserves of 20mn barrels of oil equivalent, 59% of which is liquids. The acreage covers approximately 1,596 sq km. The assets...