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

Bnamericas Published: Friday, February 28, 2020
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

Subscribe to the most trusted business intelligence platform in Latin America. Let us show you our solutions for Suppliers, Contractors, Operators, Government, Legal, Financial and Insurance.

Subscribe to Latin America’s most trusted business intelligence platform.

Other projects in: Oil & Gas

Get critical information about thousands of Oil & Gas projects in Latin America: what stages they're in, capex, related companies, contacts and more.

  • Project: FPSO P-85
  • Current stage: Blurred
  • Updated: 1 week ago

Other companies in: Oil & Gas

Get critical information about thousands of Oil & Gas companies in Latin America: their projects, contacts, shareholders, related news and more.

  • Company: Echo Energy Plc  (Echo Energy)
  • Echo Energy plc (Echo), founded in 2005 and headquartered in London, England, is a mid-cap gas exploration company focused in South and Central America. In Bolivia, Echo has a J...
  • Company: Equinor ASA  (Equinor)
  • Norway's Equinor, formerly Statoil ASA, is an integrated energy company that is primarily engaged in oil and gas exploration and production. Equinor is present in more than 30 c...
  • Company: Duro Felguera, S.A.  (Duro Felguera)
  • Duro Felguera, S.A. (DF) is a Spanish company specializing in executing turnkey projects for the electric power, industrial, and oil and gas sectors, as well as supplying specia...
  • Company: BP Trinidad and Tobago, LLC  (bpTT)
  • BP Trinidad and Tobago LLC (bpTT) is a Trinidadian subsidiary of the British oil company BP P.L.C., established in 1961 with headquarters in Port of Spain to explore, produce an...