Apache Continues To Infuse New Life Into UK's North Sea

abarrelfullabarrelfull wrote on 05 Sep 2012 18:31
Tags: apache europe north sea uk upstream

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Apache Corporation (NYSE, Nasdaq: APA) announced today that it continues to add new life into UK's North Sea, as the Beryl Bravo B73y development well tests at 8,161 barrels of oil per day (bo/d) and 5.9 million cubic feet of gas per day (MMcf/d).

Apache also reached a major milestone toward the installation of a satellite production platform that will help extend the life of the Forties Field by nearly two decades.

The B73y well tested a Nansen reservoir containing 71 feet of net oil pay and began producing at the end of August. The well also encountered 245 feet of net pay in three additional zones that will be produced at a later date. Apache has a 50 percent interest in the B73y well, which is a follow up to the previously disclosed B72 well that tested in excess of 11,600 bo/d and 13 MMcf/d in May 2012. Similarly, the B72 encountered additional pay behind pipe that will be produced at a later date.

"Our early drilling results at the Beryl field have been excellent," said G. Steven Farris, Apache chairman and chief executive officer, "and we continue to move forward in assimilating the Mobil North Sea assets acquired at the end of 2011."

In addition, 3-D seismic surveys of the Beryl Field began in early August and when completed in mid-October will further refine Apache's future drilling plans there.

The added volumes from the B73y well will mitigate scheduled downtime of other assets in the North Sea from July to September.

Apache also announced today that the jacket for the Forties Alpha Satellite Platform (FASP) has arrived at the Forties Field in the North Sea to become a bridged-linked processing facility and drilling platform. The fully commissioned topside and 90 meter bridge link are scheduled to be delivered during the second quarter of 2013.

FASP will provide Apache with full-fluid processing and contain 18 new production well slots that will facilitate additional drilling in the field commencing in the third quarter of 2013.

Apache acquired the Forties Field in 2003, which the previous operator had forecasted would cease producing this year.

"What's extra special about FASP is Apache is adding another platform in 2012 when the field was projected to have reached the end of its life," said Jim House, Apache's UK North Sea region vice president. "Apache originally purchased 144 MMBoe of proved reserves within the Forties Field at a cost of $667 million and has now produced nearly 190 MMBoe and still has 130 MMboe of proven reserves yet to deliver."

Apache has invested approximately $4.3 billion in the Forties field, adding an estimated 18 years to the field's life.

A new 3-D seismic acquisition survey is planned for 2013 over the Forties Field area that will be converted to a 4-D interpretation, which has been a key driver of success for locating bypassed or un-swept oil reserves.

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