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Wednesday, 4 May 2016

Apache optimistic about Egypt, says CEO

Apache optimistic about Egypt, says CEO: Apache has better cash margins in Egypt than the US, said Apache President and CEO John Christmann on Tuesday at a U.S. industry gathering yesterday, adding that he was glad the company held onto its assets in Egypt. “In a sub-[USD]50 oil world, the international assets really shine through,” said. “The thing we like about Egypt is, much like the Permian Basin [in Texas], there are many ways to win,” Christmann said. Egypt has opportunities in oil and gas, both onshore and off, and through horizontal and unconventional production, he said. “We really do see Egypt growing and growing in importance,” said Matt Loffman, manager of the Houston office for consulting firm Douglas-Westwood, specifically in natural gas. “The willingness of the government to exploit the reserves has been a major part of that.” (Read)

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