Apache is one of the world’s largest independent oil and gas development companies, with exploration and production interests in the United States, Canada, Egypt, Australia, the United Kingdom North Sea, China and Argentina, as well as exploration interests in Poland. The company’s North American exploration and production operations are focused in the Gulf of Mexico, the Gulf Coast, the Permian Basin, the Anadarko Basin and the Western Sedimentary Basin of Canada.
Apache's North Sea Beryl Field well flows at highest rate for the UK field since 2001
Apache Corp. (NASDAQ:APA) reported Wednesday an extension well saw initial production rates higher than any oil well drilled in the Beryl Field in the U.K. North Sea since 2001.
Drilled as a deviated well, B72 logged a total of 619 feet measured depth of net oil pay in three Jurassic aged reservoir units.
The well was completed in the high-quality Beryl-I reservoir, which was found at original pressure of 5,220 pounds per square inch and started production at a rate of 11,625 barrels of oil per day (b/d) and 13.1 million cubic feet of natural gas per day.
"This is one of the best wells drilled in the past 10 years in the Beryl Field and we expect it to open up further development opportunities," said regional vice president Jim House in a statement.
"We're very excited about this well because we've found virgin reservoir pressure in two of three zones containing more than 300 feet of net true vertical pay."
The Houston, Texas-based company said “finding the Beryl-1 reservoir in a fault block at original field pressures within the Beryl field is an encouraging result that highlights the complexity and remaining potential of the field."
During this summer, Apache plans to conduct a new 3-D seismic survey. This will be the first since 1997.
Apache owns 50 percent of Beryl Field and is the operator. Other field owners include Hess Ltd., which holds a 22.22 percent stake, while Enterprise Oil has a 22.78 percent interest and OMV Ltd., holds a five percent state.
The company’s stock rose 29 cents, or 0.35 percent, reaching $82.80 apiece in trade on the Nasdaq on Wednesday afternoon.