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    1. Apache to sell 33% of Egypt operations to Sinopec for $3.1 B

      Apache Corp. says it plans to form a global upstream partnership with Sinopec International Petroleum Exploration & Production Corp. to pursue oil and gas projects. As part of the deal, China’s Sinopec will pay the Houston independent $3.1 billion cash in exchange for a 33% minority participation in Apache’s Egypt oil and gas business, which Apache will continue to operate. Apache currently controls 9.7 million gross acres in Egypt, of which only 18% has been developed. Net production from the company’s Egypt operations in 2012 averaged 100,000 b/d of oil and 354 MMcfd of natural gas, which comprised 27% of the company’s global production revenue, 20% of its production, and 10% of its year-end 2012 proved reserves. For Sinopec, the partnership marks the company’s first venture into Egypt’s upstream and will contribute an additional 130,000 boe/d of production. Apache employs 9,000 Egyptians through participation in Khalda Petroleum Co. and Qarun Petroleum Co. operating joint ventures with Egyptian General Petroleum Corp., and through employment with oilfield service and construction contractors. An Apache spokesman says the company’s Egyptian operations lie in remote, unpopulated areas that are unaffected by political strife affecting Cairo and other population centers. Apache recently made seven oil and gas discoveries in Egypt’s Western Desert—four in the Faghur basin and one each in the Shushan, Matruh, and Abu Gharadig basins. G. Steven Farris, Apache chairman and CEO, called Sinopec “an ideal partner,” saying that the Chinese firm’s technical expertise would complement Apache’s 20 years’ experience operating in Egypt’s Western Desert. Apache’s operations in Egypt have been an important contributor to growth and cash flow for many years, Farris noted. “At the same time,” he said, “we are taking meaningful steps to rebalance our portfolio to better deliver the full potential of our deep North America onshore resource inventory.” This latest deal is part of Apache’s previously announced plan to divest $4 billion in assets by year-end 2013. The company intends to pay down debt, buy back stock under a 30-million share-repurchase program, and fund future international projects. The Egypt partnership is subject to customary governmental approvals and is expected to close during this year’s fourth quarter, with an effective date of Jan. 1, Apache said.  

      Online Articles

      Online Articles

      Sun, 1 Sep 2013

    2. Iran nuke deal will impact oil prices

      The United States, France, Germany, Russia, China, and the United Kingdom have reached an agreement with Iran over its nuclear development program.

      Magazine Articles

      Magazine Articles

      Fri, 7 Aug 2015

    3. RigNet appoints Stewart as VP of global operations for RigNet TSI

      RigNet Inc. has promoted Keith Stewart to the new position of vice president of global operations for RigNet TSI, based in Aberdeen, Scotland.

      Online Articles

      Online Articles

      Wed, 24 Jun 2015

    4. EnQuest appoints Holland as non-executive director

      EnQuest Plc, a UK independent producer in the North Sea, has appointed Phil Holland as a non-executive director, effective Aug. 1. 

      Online Articles

      Online Articles

      Thu, 25 Jun 2015

    1. Wood Group secures offshore contract from Saudi Aramco

      Online Articles

      Online Articles

      Fri, 19 Jun 2015

    2. Signs of life for both US shale deals and international consolidation

      IN THE MOST ENCOURAGING SIGN YET this year for the US upstream deal markets, Noble Energy Inc. has agreed to acquire Eagle Ford and Permian unconventional driller Rosetta Resources in a stock-and-debt deal valued at $3.9 billion.

      Magazine Articles

      Magazine Articles

      Tue, 9 Jun 2015

    3. Weir Oil & Gas, Rolls-Royce’s MTU form JV for fracking power system development

      Weir Oil & Gas and the Rolls-Royce Power Systems company MTU are forming a new joint venture company to oversee the development of their new power system, which is designed to make hydraulic fracturing operations more efficient. The new joint venture company, which will be named at a later date, is ...

      Online Articles

      Online Articles

      Tue, 5 May 2015

    4. Joint operating agreements

      History and development of JOAs in the oil and gas industry

      Magazine Articles

      Magazine Articles

      Thu, 9 Oct 2014

    5. IOCs may help China develop its unconventional and deepwater reserves

      As China’s onshore oil fields mature, its three state-owned oil companies – CNOOC, CNPC, and Sinopec – are looking to develop the country’s unconventional and deepwater reserves, says Douglas-Westwood, which commented on "Opportunities for IOCs in China?" in its latest edition of DW Monday .

      Online Articles

      Online Articles

      Mon, 9 Feb 2015

    6. ENERGY PLAYERS

      Australia. Solomons studied Naval Architecture at the University of New South Wales after which he worked on offshore oil and gas projects in Australia, the North Sea, and the Caspian. He joined LOC Australia in 2006. He became a director of LOC Australia

      Magazine Articles

      Magazine Articles

      Wed, 17 Dec 2014

    7. Paradigm shifting in oil and gas

      Unconventional production alters the models for capital intensity and operational efficiency

      Magazine Articles

      Magazine Articles

      Mon, 17 Nov 2014

    8. GCA: Falling oil price to have uneven effect on US unconventional plays

      Falling oil prices will have an uneven effect across US unconventional plays based on the qualities of reservoirs within any given play, Gaffney Cline & Associates said in a recent report, noting there exists a complex relationship between the pace of shale production and falling futures prices for ...

      Online Articles

      Online Articles

      Tue, 11 Nov 2014

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