Apache North Sea witnessed net production growth in Q3
Apache Corporation’s North Sea operations saw production increase in the third quarter.
Production from the firm’s three rigs in UK waters, was up to just under 60,000 barrels of oil equivalent per day.
This time last year production was around 54,000 boepd.
Overall the Houston headquartered global oil and gas operator saw revenues increase year-on year.
Total revenue for the third quarter of 2017 was $1.5billion, up from $1.4billion in the same period last year.
Net income before taxes took a massive swing back into the black, up from last years loss of $905million to a profit of $93million.
Third quarter production totalled 448,000 boepd with strong growth in the US market.
the strategic exit of Candaian interests also streamlined the firm’s portfolio and allowed increased leverage for Permian basin operations.
John J. Christmann IV, Apache’s chief executive officer and president, said, “During the third quarter, Apache delivered strong operational results and made great progress in our ongoing portfolio transition. In the United States, we returned our production to a growth trajectory and advanced our development program at Alpine High bringing new wells online, ramping up production, and further progressing our build out of infrastructure in the area.
“Across the Permian Basin, we are benefiting from the testing and optimization initiatives we put in place during 2016 and are delivering excellent results from our multiwell pad drilling programs in the Midland and Delaware basins. We anticipate continued capital efficiency gains in both of these focus areas.
“With our recent Canadian pestment, our portfolio is now increasingly weighted to our Permian assets including Alpine High, which offers a unique combination of high returns and tremendous scale. This portfolio rotation is a key step in transforming Apache’s long-term return on capital employed.”
During the third quarter, Apache averaged 36 operated rigs worldwide, with 17 in the Permian, four in other North America
areas, 12 in Egypt, and three in the North Sea.
ENERGY VOICE, 2017. Available from: https://www.energyvoice.com/oilandgas/north-sea/155059/apache-north-sea-witnessed-net-production-growth-q3/