Total Capacity to Reach 710 MMcf, 66,000 Barrels of Condensate Per Day By
Late 2008
HOUSTON, Nov. 27 /PRNewswire-FirstCall/ -- Apache Corporation (NYSE,
Nasdaq: APA) today announced that the Egyptian General Petroleum
Corporation (EGPC) and Egyptian Natural Gas Holding Company (EGAS) have
approved construction of a fourth processing train at the Salam natural gas
plant on Apache's Khalda Concession in Egypt's Western Desert.
The additional processing train, combined with the recently approved
third train, will increase the capacity to process gas from Apache's
Jurassic formation gas reserves to 710 million cubic feet (MMcf) of gas and
66,000 barrels of condensate per day, including access to processing
capacity at Shell's Obaiyed plant. The expansions are scheduled to be
completed before the end of 2008.
Current gross production from Apache's Jurassic fields is 512 MMcf of
gas and 18,200 barrels of condensate per day, the limit of existing
processing facilities. Apache's current net production from the fields is
224 MMcf of gas and 8,000 barrels of liquid hydrocarbons per day.
Apache has awarded contracts totaling $375 million to Petrofac Limited
to construct the third and fourth trains. Each of the new facilities will
have capacity to process 100 MMcf of sales gas and 14,000 barrels of sales
condensate per day.
Apache Corporation is a discoverer and producer of oil and gas energy
resources for the advancement of mankind in the interest of long-term
investors seeking share appreciation.
This release contains certain "forward-looking statements" as defined
by the Private Securities Litigation Reform Act of 1995, including, without
limitation, expectations, beliefs, plans and objectives regarding reserves,
future production, and marketing plans. Among the important factors that
could cause actual results to differ materially from those indicated by
such forward-looking statements are future exploration and development
results, availability of needed equipment and personnel, completion of
required infrastructure, and the political situation in the Middle East.
There is no assurance that Apache's expectations will be realized, and
actual results may differ materially from those expressed in the
forward-looking statements.
APA-EG
SOURCE Apache Corporation
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