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 firstname.lastname@example.org
To contact the editor responsible for this story: Will Kennedy at email@example.com