Apache Corporation and Total S.A have spudded their third well offshore the South American country of Suriname. The two companies each hold 50% interest in Block 58 where they have made 2 discoveries to date.
In the second half of April the partners commenced exploration drilling at Kwaskwasi-1, which is located approximately 10 kilometers (6 miles) northwest of Sapakara West-1.
Following Kwaskwasi-1, a fourth exploration prospect, Keskesi East-1, will be drilled approximately 10 kilometers (6 miles) southeast of the Sapakara discovery well, Apache said in its Q1 earnings report this week.
Apache reported a loss of $4.5 billion or $11.86 per diluted common share during the first-quarter 2020.
“While the 2020 outlook for the global economy and the oil and gas industry, specifically, is uncertain, we have made great strides in this environment to reduce our cost structure, protect our balance sheet, and manage our operations to preserve cash flow,” said John J. Christmann IV, Apache’s Chief Executive Officer and President.
He said the company’s teams have done an exceptional job implementing its organization redesign, responding to the recent changes in activity levels and operational protocols, and are delivering very good results in both the exploration and development programs.
“When market conditions improve, I am confident we will successfully leverage Apache’s diversified portfolio to differentiate our longterm value proposition for shareholders,” he said.
Both the Keskesi and Kwaskwasi-1 exploration wells will test oil-prone upper Cretaceous targets in the Campanian and Santonian intervals in reservoirs that appear to be independent from the Maka and Sapakara discoveries.