Apache Corp. (APA) on Tuesday announced drilling success with three new discovery wells in Egypt's Western Desert.
"Apache's discoveries, made in three separate basins, highlight the company's diverse potential for new oil and gas developments across its concessions. This exploration success extends the company's production base to the northeast at the North Ras Qattara Concession and to the southwest in the Siwa Concession," said Thomas M. Maher, Egypt Region vice president and general manager.
Maher also noted a deep backlog of drilling opportunities, and that the stacked-pay potential with Apache's Western Desert concessions reduces the risks associated with drilling wells in new areas.
Exploration wells in the western desert also can be relatively inexpensive to drill, with the NRQ 3151-1X, SIWA L-1X, and the NTRK-G-X costing $7.6 million, $3.7 million, and $4.4 million, respectively, to drill, run casing and test. The company also has been successful in reducing operating costs by implementing new well designs for more efficient production.
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