Bloomberg News

Apache Exits Kenya to Focus on Energy Exploration Elsewhere

October 09, 2013

Apache Corp. (APA:US), the U.S. explorer that found Kenya’s first offshore natural gas, will exit the East African nation to focus on projects elsewhere.

The company plugged and abandoned the Mbawa-1 well in Block L8 off Kenya last year after failing to find commercial volumes of gas. Tullow Oil Plc (TLW), Origin Energy Ltd. (ORG) and Pancontinental Oil & Gas NL were Apache’s partners in the well.

Apache Chief Executive Officer Steve Farris in March said the company began to streamline operations and review assets after a $16 billion buying spree that began in 2010 and ended last year.

“This move is part of the company’s overall portfolio rebalancing program announced earlier this year,” Patrick Cassidy, a spokesman for the Houston-based company, said by e-mail.

To contact the reporter on this story: Eduard Gismatullin in London at egismatullin@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net


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Companies Mentioned

  • APA
    (Apache Corp)
    • $96.51 USD
    • -0.50
    • -0.52%
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