Amerada Hess Corp., New York City, (NYSE: AHC) plans to acquire a 55% working interest in the deepwater section of the West Mediterranean Block 1 Concession in The Arab Republic of Egypt from Apache Corp. for $413 million. In a separate transaction, Apache will acquire Amerada Hess' interests in certain producing properties in the Permian Basin in West Texas and New Mexico for $404 million. The deepwater section of West Mediterranean Block 1 covers 586,000 acres and contains the Abu Sir, El King, El Max and Al Bahig natural gas discoveries.
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