Texas-based Apache has been able to leverage Egypt’s desperate need for more gas, inking a deal that will see it paid $4/mn BTU and potentially more for new output from its Western Desert concessions, which produced 447mn cfd gas for Q3.
MEES understands that the new gas price will be applicable to any new discoveries the firm makes, although comments made by CEO John Christmann on his firm’s Q3 earnings call on 7 November appear to also imply that a higher gas price could be applicable to incremental production from currently-producing fields. (CONTINUED - 1141 WORDS)
