BENGALURU: Oil producer Apache Corp and its joint venture partner Total SA said they made their third oil discovery offshore Suriname.
The Suriname discovery, dubbed “among the most anticipated in the world” by one brokerage, is seen as central to Apache’s efforts to reduce its reliance on the Alpine High venture in Texas’ Permian basin, which has suffered from diving natural gas prices.
The third discovery also comes at a time when oil and gas producers across the globe are reeling under a coronavirus-led decline in energy demand that led crude prices to drop below US$0 for the first time ever.
“This is the best well we’ve drilled in the basin to date, with the highest net pay in the best quality reservoirs, ” Apache chief executive officer John Christmann said.
Limited time offer:
Just RM5 per month.
