Apache Exits Kenya to Focus on Energy Exploration ElsewhereEduard Gismatullin
Apache Corp., 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, Origin Energy Ltd. 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.