HOUSTON, June 28 /PRNewswire-FirstCall/ -- Apache Corporation (NYSE, Nasdaq: APA) today announced that its Maule Field in the United Kingdom sector of the North Sea has commenced production at approximately 11,750 barrels of oil per day.
The new field was brought on production approximately eight months following the October 2009 discovery. Apache holds a 100-percent interest.
"The Maule discovery, which is an Eocene-age reservoir located above the main Forties Paleocene reservoir, was identified by Apache's North Sea geoscience team using its extensive experience with seismic interpretation in the area. We were able to develop the field quickly via our existing infrastructure within the Forties Field," said James L. House, region vice-president and managing director of Apache North Sea Ltd. "The viability of the project was enhanced by the UK government's incentives aimed at encouraging development of smaller fields in the North Sea."
Apache is planning a second well at Maule.
Apache also announced that it will proceed with development of the Bacchus Field, a Jurassic discovery four miles (6.5 km) northeast of the Forties Alpha platform. Apache is planning three horizontal subsea wells tied back to Forties Alpha via a pipeline bundle. Apache owns a 70-percent working interest at Bacchus; Shell owns 20 percent; and Endeavour owns the remaining 10 percent. First oil is expected in mid-2011.
Apache Corporation is an oil and gas exploration and production company with operations in the United States, Canada, Egypt, the United Kingdom North Sea, Australia and Argentina. Apache posts announcements, updates and investor information, in addition to copies of all recent press releases, on its Web site, www.apachecorp.com.
This news release contains certain "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 including, without limitation, expectations, beliefs, plans and objectives regarding production and exploration activities. Any matters that are not historical facts are forward-looking and, accordingly, involve estimates, assumptions, risks and uncertainties, including, without limitation, risks, uncertainties and other factors discussed in our most recently filed Annual Report on Form 10-K, on our Web site, www.apachecorp.com, and in our other public filings and press releases. There is no assurance that Apache's expectations will be realized, and actual results may differ materially from those expressed in the forward-looking statements. We assume no duty to update these statements as of any future date.
SOURCE Apache Corporation