Posted second-quarter reported production of 435,000 barrels of oil equivalent (BOE) per day; adjusted production, which excludes Egypt’s noncontrolling interest and tax barrels, was 394,000 BOE per day.
At year-end 2019, the company held 5.1 million gross acres in 24 separate concessions. Approximately 70% of the company’s gross acreage in Egypt is undeveloped, providing Apache with considerable exploration and development opportunities for the future. The operations in Egypt, including a one-third noncontrolling interest, contributed 28% of 2019 production and 19% of year-end estimated proved reserves.
A key component of Apache’s success has been the ability to acquire and evaluate 3-D seismic surveys that enable the technical teams to consistently high-grade existing prospects and identify new targets across multiple pay horizons in the Cretaceous, Jurassic, and deeper Paleozoic formations. As of 2019, the company has completed seismic surveys covering more than 3 million acres.
Apache has operated in Egypt for more than 20 years and is one of the largest American investors and the largest oil producer in the country, the company’s primary interests are in the Western Desert and include high-impact exploration targets in both new and legacy acreage.