Offshore oil and gas production company, Apache Corporation, has announced that recent discoveries in the UK north sea have netted the firm a possible 70 million barrels of oil equivalent.
Apache said that its most significant find is the firms Seagull discovery, located around 50 miles (80 kilometers) due south of its giant Forties oil and gas field.
North Sea Oil
The Seagull together with two further exploratory finds and two unbooked production finds in the Beryl arena, could net Apache anywhere from 50 to more than 70 million barrels of oil equivalent.
Apache said the Seagull well encountered 672 feet of net oil pay, in Triassic-age sands, that was flow tested to 8,700 barrels of oil per day and 16 million cubic feet of natural gas pear day, limited by the facility flow rate.
The firm said that it will now take time to further appraise all wells drilled to see if there is potential greater than 70 million barrels of oil equivalent.
The company hinted towards developing the Seagull find with a dedicated offshore facility as opposed to using a subsea tieback to an existing production platform.
Apache’s VP- International Offshore E&P, Thomas E. Voytovich, said. “Apache’s exploration program in the high-potential Beryl area is off to an exceptional start.”
“The success of our first two exploration wells at Beryl, combined with the Seagull discovery, could increase our total North Sea proved reserve base by more than 50 percent.”
“Our large discovery at Seagull will likely have a longer investment time-horizon as it may require dedicated production facilities, but it is expected to have a very meaningful impact on Apache’s medium- and long-term production in the region.”