Apache allocates ‘lion’s share’ of exploration spend to Suriname

The “lion’s share” of this year’s US$200mn planned exploration investment for Apache will go to Suriname.

During the Texas-based company’s fourth quarter 2019 earnings presentation, CEO John J. Christmann IV said, “we have made the strategic decision to prioritize funding Suriname over the next few years.”

Apache’s current focus in the South American nation is offshore block 58 in which it has a 50% operating interest and Total the other half.

Drilling of a second exploration well (Sapakara West-1) is underway on the acreage following the Maka Central-1 exploration well where an oil discovery was announced last month.

The partners are working on an appraisal plan which will be submitted to Suriname's state oil company Staatsolie in the coming months.

Christmann added that it is very likely that a third and fourth exploration well will be spud on the block, where the contract for the Noble Sam Croft drillship (pictured) under contract with Apache is estimated to expire in June.

In Suriname, Apache also holds a stake in neighboring block 53.

Source: Apache