HOUSTON, Aug. 1, 2013 /PRNewswire/ -- Apache Corporation (NYSE, Nasdaq: APA) said today that the third well in the Bacchus Field in the United Kingdom sector of the North Sea has pushed field production past 17,600 barrels of oil per day. Apache has a 50 percent interest in the field.
The Bacchus B-1 development well, which commenced production in July, currently is producing 9,400 barrels of oil per day. Apache logged 2,057 feet net oil pay along a horizontal completion segment in high quality Jurassic-aged Fulmar sandstone in the field's western fault block. Oil from the Bacchus Field is produced through a subsea tie-back to Apache's Forties Alpha platform.
Following the recent success at Bacchus, Apache has extended its current Forties 3-D seismic survey area to cover other Jurassic development and exploration targets in Apache licenses in the Bacchus area. The seismic survey is expected to be completed in September.
Apache has brought three new fields – Bacchus, Maule and Tonto – on production in the Forties area since 2009. All three developments qualified under the United Kingdom government's small field allowance system, which provides economic incentives for operators to bring these discoveries into production.
"Utilizing existing infrastructure within the Forties Field area enables Apache to bring these smaller discoveries on production in a cost-effective manner for the benefit of all stakeholders," said James L. House, region vice president and managing director of Apache North Sea. "A little more than a year after first production, Bacchus has produced 3 million barrels of oil and has already paid out."
Apache Corporation is an oil and gas exploration and production company with operations in the United States, Canada, Egypt, the United Kingdom, Australia and Argentina. Apache posts announcements, operational updates, investor information and copies of all press releases on its website, www.apachecorp.com.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects" and similar references to future periods. These statements include, but are not limited to, statements about future plans, expectations, and objectives for Apache's operations including statements about seismic and exploration and development activities in the United Kingdom sector of the North Sea. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. See "Risk Factors" in our 2011 Form 10-K filed with the Securities and Exchange Commission for a discussion of risk factors that affect our business. Any forward-looking statement made by us in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future development, or otherwise, except as may be required by law.
SOURCE Apache Corporation