Apache Corp. finds more oil in Egypt

U.S. energy explorer Apache Corp. said five new oil discoveries in the southwest section of the Western Desert in Egypt are encouraging developments. Apache, which has headquarters in Texas, announced it logged roughly 190 feet of net pay in sands from its five oil discoveries in the Faghur Basin in the Western Desert. Tom Voytovich, vice president of Apache's operations in Egypt, said the Faghur Basin has a legacy of success. "These recent discoveries support the multi-pay potential of this oil-prone area of the Western Desert," he said in a statement. Apache is producing 40,000 barrels of oil per day from the Faghur Basin. The company's current gross operation production in Egypt sits at roughly 215,000 barrels of oil and 900 million cubic feet of gas per day. Apache last year paid $650 million to BP for Egyptian development leases. The company kept some of its staff in the country during the Egyptian revolution early this year.