Apache records $170M loss in Q3 as Suriname oil search ramps up

Must Read

After more than 4 months with no election results; is Guyana’s uncertainty finally coming to an end?

Investors like stability and predictability. Knowing what to expect in the future forms the basis for multimillion-dollar investments in...

Venezuela sanctions set off fight for ‘plundered’ oil cargo

(AP) — For two months, the Malta-flagged oil tanker Alkimos has been quietly floating off the Gulf Coast of...

75% of targets at Orinduik block hold 3 billion barrels worth of light oil – Holzman

Even though the market has expressed disappointment in the heavy oil found in the Jethro and Joe wells at...
OilNOW
OilNow is an online-based Information and Resource Centre which serves to complement the work of all stakeholders in the oil and gas sector in Guyana.

US-based Apache Corporation has reported a quarterly loss of $170 million or $0.45 per diluted common share for the third quarter of 2019.

“During the third quarter, adjusted production exceeded guidance while capital expenditures remained on pace with our full-year guidance of $2.4 billion,” said Apache CEO and President John Christmann. “In September, we began drilling the first of three committed wells in Block 58 offshore Suriname. We are also nearing first production from two wells in the North Sea, which should establish strong production momentum as we enter 2020.”

The company is currently drilling the Maka Central #1 well offshore Suriname and expects to reach total depth in November at approximately 6,325 meters as measured from the deck of the drillship.

The well is designed to test multiple targets and is located roughly seven miles from the Suriname/Guyana maritime border. Apache hopes to replicate the success of US oil major ExxonMobil operating just miles away at Guyana’s Stabroek Block where it has so far made a record 14 discoveries in four years, amounting to more than 6 billion barrels of oil equivalent.

Apache also exercised its option to drill two additional wells in Suriname Block 58 with the Noble Sam Croft drillship. Block 58 covers an area of 5,844 km2 and is located approximately 150km off the Suriname coast. The block lies in water depths of 55-2,250m.

- Advertisement -

Latest News

After more than 4 months with no election results; is Guyana’s uncertainty finally coming to an end?

Investors like stability and predictability. Knowing what to expect in the future forms the basis for multimillion-dollar investments in...

TechnipFMC in major deal with Assiut National Oil Processing Company

UK-based TechnipFMC has signed a major Engineering, Procurement, and Construction (EPC) contract with Assiut National Oil Processing Company (ANOPC) for the construction of a new...

Venezuela sanctions set off fight for ‘plundered’ oil cargo

(AP) — For two months, the Malta-flagged oil tanker Alkimos has been quietly floating off the Gulf Coast of Texas, undisturbed by the high-stakes...

75% of targets at Orinduik block hold 3 billion barrels worth of light oil – Holzman

Even though the market has expressed disappointment in the heavy oil found in the Jethro and Joe wells at the Orinduik block, it should...

Brazil’s Petrobras begins decommissioning offshore platform in Campos Basin

Brazilian state oil company Petrobras says it has begun the decommissioning of the P-12 platform in the Campos Basin and will also be moving...

More Articles Like This