HOUSTON, July 3 /PRNewswire-FirstCall/ -- Apache Corporation (NYSE,
Nasdaq: APA) today announced that it will proceed with development of the
Pyrenees fields in the Exmouth Sub-basin offshore Western Australia. When
completed, the project is expected to add 20,000 barrels per day to
Apache's net worldwide oil output.
"Pyrenees is one of six large-scale development projects that are
expected to add an aggregate of 108,000 barrels of oil equivalent per day
to Apache's worldwide production by 2010," said G. Steven Farris, Apache's
president and chief executive officer. "We also have a deep inventory of
high-potential exploration plays and prospects in Apache's core growth
areas of Australia, Canada and Egypt, many of which are scheduled to be
drilled this year."
The Pyrenees fields of Crosby, Ravensworth and Stickle were discovered
in the WA-12-R and WA-155-P blocks in 2003 and 2004. Water depth in the
development area is 560 to 820 feet (170 to 250 meters). The double-hulled
floating production, storage and offloading (FPSO) vessel to be used at
Pyrenees will have capacity to process approximately 96,000 barrels of oil
a day and storage for 850,000 barrels. Oil will be exported via shuttle
tankers.
Apache has a 28.57 percent interest in License WA-12-R. The US $1.7
billion BHP Billiton-operated development includes purchase of the FPSO as
well as 13 subsea wells tied back to the facility.
Development of WA-155-P, where Apache owns a 31.5 percent interest,
will follow development of WA-12-R. Apache's possessive estimates of the
gross recoverable oil reserves in the two blocks in the development area is
80 million to 120 million barrels of oil.
Also in the Exmouth Sub-basin, Apache recently sanctioned its $500
million Van Gogh development and drilled the project's first horizontal
well, the Theo 3-H, which flowed 9,694 barrels of oil per day in a
production test. When Van Gogh comes on line in 2009, the project is
expected to add 20,000 barrels per day to Apache's net worldwide oil
output. Apache owns 52.5 percent of the development.
Apache Corporation is a large oil and gas independent with operation in
the United States, Canada, the United Kingdom North Sea, Egypt, Australia
and Argentina.
This news release contains certain "forward-looking statements" as
defined by 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. Risks, uncertainties and other factors are
discussed in the Form 10-K of Apache Corporation for the fiscal year end
December 31, 2006, and other documents filed from time to time by Apache
with the Securities and Exchange Commission. 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.
APA-AU
SOURCE Apache Corporation
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