Apache 2014 4Q Production down from 2013

The Apache Corporation has released its financial results for 2014 operations, with a statement by the company denoting a drop in Egypt-based gross production during the fourth quarter of 2014, compared to that of 2013.

Egypt's gross production of 344,100 BoE (barrel of oil equivalent) per day was down 4 percent from the prior-year period, primarily due to lower gas volumes at the Shell Egypt NV-operated Obaiyed Gas Plant. The lower gas volumes resulted from unplanned mechanical-related downtime and the operator exercising its right to utilize a greater portion of the plant capacity, the company said in its statement, highlighting the situation for the 2014 fourth quarter.

That amount marked a slight decline from the fourth quarter of 2013, where the daily BoE stood at 345,708, a slight decline of 4 percent.

The total 2014 production of 348,401 BoE marked a decline from 2013’s total of 349,702, the company revealed.

Apache launched its Egypt operations in 1994, claiming to be one of the largest acreage holders in Egypt’s Western Desert.

For more information about related Opportunities and Key Players visit Egypt Oil and Gas Projects