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Apache exits Kenya to focus on exploration elsewhere

BY EDUARD GISMATULLIN

HOUSTON (Bloomberg) -- Apache Corporation, the United States 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, Origin Energy and Pancontinental Oil & Gas were Apache’s partners in the well.

Apache CEO 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 company, said by e- mail.

10/09/2013

 

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