Apache Corp., the largest Independent operator in Egypt, reports that approximately 45% of its exploration wells in the country were successful in 2014, “further expanding our presence in the westernmost concessions and unlocking additional opportunities in existing plays”.
The company netted 22.8 dry exploratory wells in the year contrasted with 18.6 productive wells, according to the company’s 2014 annual report. This is however, a poorer result than the previous two years (2013 and 2012) during which the exploration successes were higher than 50%. Apache offers no explanation for this in the report. Still, there’s enough reason to sound upbeat.
The Ptah and Berenice field discoveries in the fourth quarter 2014, “appear to be two of Apache’s largest oil field discoveries in Egypt over the last 15 years”, the company remarks. “A key component of the region’s success has been the ability to acquire and evaluate 3-D seismic surveys that enable our technical teams to consistently high-grade existing prospects and identify new targets across multiple pay horizons in the Cretaceous, Jurassic, and deeper Paleozoic formations”.
Apache’s operations, located in remote locations in the Western Desert, have not experienced production interruptions, the company says “and we have continued to receive development lease approvals for our drilling programme”.