Apache and Seagull meet with Egyptian President Mubarak

Mar 25, 1997 01:00 AM

Mar 14, 1997 The chairmen of two Houston-based independent energy companies that are partners in Egypt met Egyptian President Hosni Mubarak recently in Chicago to discuss development of his country's oil and gas resources.
Apache's Chairman Raymond Plank and Seagull Energy's Chairman Barry Galt joined about a dozen US business leaders in a private meeting with the Egyptian president, who is on a tour of the United States with senior cabinet officials. The session was arranged by the investment firm of Goldman, Sachs & Co. "We spoke of our mutual desire to step up the pace of exploration and development in Egypt," said Plank. "For economic and environmental reasons, he wants to export more oil and use natural gas to fuel the Egyptian national energy grid. We're ready to accommodate him on both counts." Apache is the largest leaseholder in Egypt, with interests in more than 27 million acres. Plank said Apache expects to spend between $ 150 mm and $ 200 mm in Egypt during 1997.
"Our most important international holdings are in Egypt," said Galt. "Our 1997 capital budget for projects outside the United States is $ 100 mm and 70 % of it will be directed toward Egypt." Seagull has interests in 9.3 million acres in that country.
Apache and Seagull are partners in Egypt's Qarun and East Beni Suef concessions south of Cairo, as well as in the offshore Darag block at the northern tip of the Gulf of Suez. The companies also have separate interests in a number of other concessions there. "We have a very active drilling program in Egypt," said the chairmen. "Apache plans to drill 62 wells in Egypt this year, two-thirds of which will be exploratory wells. And Seagull expects to drill some 40 wells during the year, including 23 exploratory tests."

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