Deal insight

Sinopec acquires a 33% stake in Apache Egypt for US$3.1 billion

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Report summary

Sinopec will acquire 33% of Apache's Egyptian portfolio for US$3.1 billion. Apache has reported entitlement production of 100 000 barrels of oil and 354 million cubic feet of gas per day from the portfolio which is focused on the prolific Western Desert. We estimate entitlement 2P reserves of around 576 million boe. Our $3.07 billion base case valuation is in line with the consideration paid and implies a long term oil price of US$87/bbl. The deal is the largest in the Middle East ...

What's included

This report contains

  • Document

    Sinopec acquires a 33% stake in Apache Egypt for US$3.1 billion

    PDF 539.60 KB

Table of contents

  • Executive summary
  • Transaction details
  • Upstream assets
  • Deal analysis
  • Upsides and risks
  • Strategic rationale
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 8 images and tables including:

Images

  • Apache Egypt - production (entitlement basis) and capex profile

Tables

  • Executive summary: Table 1
  • Upstream assets: Table 1
  • Upstream assets: Table 2
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2

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