September 03, 2013
International law firm Weil, Gotshal & Manges is representing Houston-based oil and gas producer Apache Corporation in the sale of a 33 percent stake in its Egyptian oil and gas business to China’s Sinopec International Petroleum Exploration and Production Corporation (Sinopec). Apache’s Egyptian production in 2012 totaled an average of 100,000 barrels of oil and 354 million cubic feet of natural gas per day, while providing employment for about 9,000 people in Egypt, where the company has two decades of industry experience. In announcing the transaction on August 29, 2013, Apache pointed to the Sinopec deal as the first step in a global strategic partnership between the two companies to pursue joint upstream oil and gas projects. The deal is expected to close in Q4.
The Weil team included M&A partner Glenn West and Tax associate Mark Dundon.