Apache to Exit Kenya

Thursday, October 10, 2013

US independent firm Apache Corp. plans to exit its sole asset in Kenya. The company holds a stake in Kenya’s offshore Block L8. Apache plans to focus on projects elsewhere around the world.

Apache was part of the partnership, comprised of Tullow Oil, Origin Energy, and Pancontinental Oil & Gas, that discovered Kenya’s first natural gas offshore the East African country with the drilling of the Mbawa-1 well. The gas find was non-commercial.

“This move is part of the company’s overall portfolio rebalancing program announced earlier this year,” Patrick Cassidy, a spokesman for Apache told Bloomberg.

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