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Commodities Briefing - Categorized | Investment, Oil more

Looking for the next mega oil play

Posted on 06 September 2013

News came out last week that Apache is divesting a big chunk of its Egyptian oil acreage. The company will sell one-third of its rights there to Sinopec for $3.1 billion.
Most analysts assume that Apache’s divestment is driven by recent political problems in Egypt. But the company’s moves elsewhere suggest the deal may be part of a larger, and more interesting, trend. In July, Apache cut a deal to divest another of its core operating areas: the U.S. Gulf of Mexico Shelf. The major sold this acreage to privately-held Fieldwood Energy, for $3.75 billion………………………………………..Full Article: Source


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