UK: Apache confirms Storr discovery in North Sea

  • Business & Finance

Oil and gas company Apache Corp. has achieved its ‘third consecutive exploration success’ near the Beryl field in the UK sector of the North Sea with a discovery in two separate fault blocks at the recently drilled Storr prospect.

Apache said in its 3Q 2016 report on Thursday that results were in line with pre-drill estimates and underscore the benefits of recent vintage 3-D seismic data and the long-term exploration potential in the Beryl area.

The Storr prospect was drilled with Awilco Drilling’s semi-submersible drilling rig WilPhoenix. The rig arrived at location in June this year after Apache and Awilco settled their disagreements related to the rig’s readiness to drill.

Further, Apache said that its North Sea production in the third quarter averaged 62,000 boe per day, down from the previous quarter due to maintenance and third-party facility down time.

In addition, Apache reported a smaller loss for the 3Q 2016 totaling $607 million. The company’s loss for 3Q 2015, on the other hand, was $4.14 billion. The company explained that the results in this year’s quarter included a number of items outside of core earnings that are typically excluded by the investment community in their published earnings estimates. When adjusted for these and certain additional items that impact the comparability of results, Apache’s third-quarter loss totaled $12 million.

Apache’s revenues for the quarter amounted to $1.4 billion versus $1.5 billion in the last year’s quarter.

Offshore Energy Today Staff

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