Apache Abandons Gas Exploration With Energy Partners
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Apache Corp., the second-largest U.S. independent oil producer by market value, is abandoning a project with Energy Partners Ltd. to explore for natural gas in the Gulf of Mexico amid a slump in the price of the fuel.
Apache isn’t interested in pursuing gas in rock formations underneath Energy Partners’ East Bay field, Bill Mintz, a spokesman for the Houston-based company, said in a telephone interview today. Apache became a partner in the venture last year when it acquired closely held Phoenix Exploration.