Apache's activity in Egypt began in 1994 with the company's first Qarun discovery well, and today, Apache is one of the largest acreage holders in Egypt’s Western Desert. At year-end 2014, Apache held 6.7 million gross acres, of which approximately 71 percent is undeveloped, providing considerable exploration and development opportunities for the future. The region had gross oil production of 197,000 barrels per day and gross natural gas production of 895 MMcf per day in 2014, or 88,000 barrels per day and 370 MMcf per day net to Apache’s consolidated holdings.
Sinopec holds a one-third minority interest in Apache’s Egypt oil and gas business. At Dec. 31, 2014, our Egypt region had estimated proved reserves of 280 MMboe, of which 93 MMboe is attributable to Sinopec’s noncontrolling interest.
Despite a reduction in rig count, the decline of base properties was offset by additional water injection capability, prioritization of well workovers and well optimization.
The Qarun Petroleum Company achieved a water injection record of 251,698 barrels per day in February. The increase in injection rate resulted from a continuous water-injector maintenance and repair workover program and additional pumping capacity.