Sinopec announces the completion of acquiring one-third of Apache’s Egypt oil and gas business
Sinopec International Petroleum Exploration and Production Corporation (“SIPC”), a fully-owned subsidiary of Sinopec Group, and Apache Corporation announced today that Sinopec has officially completed the acquisition of one-third of Apache’s Egypt oil and gas business. On 30 August 2013, Sinopec and Apache Corporation announced that they had launched a global strategic partnership, with Sinopec paying US$3.1 billion in exchange for one-third participation in Apache’s Egypt oil and gas business as the first step.
Apache Corporation is an independent US upstream oil and gas company, with 24 contractual blocks in Egypt, mainly located in Egypt’s West Desert. Its operations including exploration are not affected by political activities.
The transaction became effective on 1 January 2013, through which Sinopec is expected to increase its production by 130,000 barrels of oil equivalent per day (equivalent to 6.5 million tons of oil equivalent per year) during the peak season. The transaction marks Sinopec’s first entrance to Egypt’s oil and gas market and will further enhance Sinopec’s experience and capabilities in overseas oil and gas exploration.
Mr. Fu Chengyu, Chairman of Sinopec said, “Sinopec is extremely delighted to enter into this global strategic partnership with Apache Corporation. Sinopec’s technical expertise is in a position to complement Apache’s 20-year operational experience in Egypt. With both parties utilizing their own advantages, the partnership will further add value to Egypt’s assets and achieve a win-win cooperation.”
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