6 acquired concessions in Egypt’s Western Desert boost Apex’s working interest production
Updated 11/16/2023 1:23:00 PM
Arab Finance: Working interest production of Apex International Energy from the six concessions in Egypt’s Western Desert, which it acquired from IEOC Production in the first half of 2023, is now 4,800 barrels of oil equivalent per day (boepd), according to an emailed press release.
The company’s total working interest production is currently 11,100 boepd.
“The addition of the six acquired concessions, the comprehensive workover program executed by our team in the acquired fields and the start-up of the Faramid gas project have contributed to increasing our working interest production by 62%, or 4,200 boepd, since the beginning of the year,” Thomas Maher, Apex’s President and CEO, commented.
The acquired concessions are namely the Ras Qattara, West El Razzak, East Kanayis, and West Abu Gharadig.
Apex also acquired a 25% interest in the IEOC- operated East Obaiyed and South West Meleiha concessions.
This places Apex among the top 10 liquids producers in Egypt, as well as the top 10 producers in the Western Desert.
The company organically developed working interest production in Southeast Meleiha (SEM), which reached 7,100 barrels per day as of July 1st, 2023.
“Importantly, these increases have been accomplished without a lost-time incident and while lowering unit operating costs by 20%, which is a tribute to the dedication and hard work of the Apex and PetroFarah teams,” Maher added.
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