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Apache Corp News

12 Apr 2018

Fieldwood Hungry for US Offshore Output

© eaumstocker / Adobe Stock

The Chief Executive of offshore oil and gas driller Fieldwood Energy LLC, Matt McCarroll, says he is not scared of the hurricanes, geological risks and costs that keep some oil companies out of the Gulf of Mexico. Instead, he is doubling down. The private equity-backed company - already the largest operator on the U.S. outer continental shelf - announced on Thursday it is closing a $480 million acquisition of Noble Energy’s assets in the Gulf of Mexico that will add 25,000 barrels per day (bpd) to its current net production of 72,000 bpd of oil equivalent.

05 Aug 2016

US Oil Drillers Add Rigs for 6th Week in a Row

U.S. drillers this week added oil rigs for a sixth consecutive week, according to a closely followed report on Friday, despite crude prices falling to April lows below $40 a barrel this week. Some producers are still boosting spending on expectations for higher prices in the future. Drillers added seven oil rigs in the week to Aug. 5, bringing the total rig count up to 381, compared with 670 a year ago, energy services firm Baker Hughes Inc said. They have added a total of 51 rigs since the week to July 1, the longest streak of weekly additions since July-August 2015, when 37 rigs were added over six weeks. Energy firms continued to add most rigs in the Permian shale in west Texas and eastern New Mexico.

16 Mar 2015

N. Sea Forties Echo Platform Shut after Collision

The Forties Echo platform in the North Sea has been shut after being hit by a supply vessel, a spokesman for operator Apache North Sea said on Monday. Fifteen workers were taken off the platform and transferred to the nearby Forties Bravo platform following the collision, which happened at about 0840 GMT on Monday morning, the spokesman said. Another 15 remain on the platform. The spokesman also confirmed there had been no leak of hydrocarbons, but was unable to give a restart date for production. Apache North Sea, part of Apache Corp, is investigating the extent of any damage but there was no structural risk to the rig, he added. "An…

16 Dec 2014

US Jury Rules in Favor of Apache Corp.

Apache Corp was not in breach of contract in a lawsuit brought by Houston-based oil and gas producer W&T Offshore Inc in 2011, a federal jury found on Monday, according to a court filing. The U.S. District Court for the Southern District of Texas has accepted the jury verdict and W&T can file any post-verdict motions by Jan. W&T filed a claim against Apache in 2011, accusing the energy company of breaking the terms of a processing contract and inaccurately recording how much processed oil W&T was owed. Apache on Monday also filed a $31.5 million counter lawsuit, accusing W&T Offshore of breaching the parties' joint operating agreement by refusing to pay its 49 percent share of plugging and abandonment costs for three offshore wells in the Gulf of Mexico.

16 Nov 2014

Merger Talks Feed Energy Sector Deal Speculation

Talks that could lead to oilfield services provider Halliburton Co buying rival Baker Hughes Inc may herald increased deal-making in the energy business as companies bet on a protracted drop in oil prices, industry bankers said. Competing service companies including National Oilwell Varco Inc and Weatherford International may also be targets, bankers and lawyers said. In any deal, the incentives will be the same: consolidation would allow them to better weather the downturn and resist pressure from oil producers to slash prices. The Baker Hughes/Halliburton talks have stalled after the companies weren't able to agree on issues including price, people familiar with the matter said Friday. As oil prices fall, oil field service companies get squeezed, one industry lawyer said.

05 Sep 2014

Asia Buyers Wary of U.S. Condensate Test Results

Petchem producers unlikely to buy due to impurities in oil. Big middle distillates yield, less naphtha, LPG; wide variance in API gravities in assays, samples. Tests on samples of the same type of U.S. condensate now heading to South Korea and Japan have raised questions about the ultra-light crude's suitability for use in Asia, sources said, making some potential buyers wary about taking the oil. The uncertainty could delay a rapid build-up in the flow of U.S. condensate to Asia after the arrival of the first exports of U.S. crude in 40 years. Asian refiners and chemical producers will have to first determine the best use for the ultra-light oil before starting to buy in large volumes.

04 Aug 2014

Armed with New Technology, Oil Drillers Revisit Gulf of Mexico

Advances in drilling technology are reviving the prospects of oil companies in shallow parts of the Gulf of Mexico, helping to squeeze more from older fields while the U.S. shale bonanza lures others onshore. Apache Corp and a handful of smaller independent companies are using seismic surveying and horizontal drilling - techniques perfected during the onshore fracking boom - to tap mature fields and find hidden reserves on the shelf. The methods appeal to investors hungry for the quick profits that cannot be delivered by deepwater drilling, where a dozen years of planning and billions of dollars in investment can be required to get oil pumping.

17 Apr 2014

Apache CEO, Vermont activist build alliance on climate issues

Steve Farris runs a $33 billion Texas oil and gas company and turns, for advice, to a bearded Vermont environmentalist. As other energy firms battled climate change and anti-pollution activists in recent years, the Apache Corp chief executive instead built an alliance with Steven Heim, managing director of Boston Common Asset Management, one of the better-known socially responsible investment firms. The relationship helped Apache side step time-consuming proxy fights that have plagued some of its peers, in exchange for changes like committing to protect the rights of native peoples living near remote gas projects, and using cleaner chemicals in hydraulic fracturing, a drilling method that environmentalists say could threaten groundwater.

27 Jan 2011

Update: BOEMRE Response to Natural Gas Leak in GOM

The Bureau of Ocean Energy Management, Regulation and Enforcement (BOEMRE) is continuing to oversee Apache Corp.’s source control efforts for a natural gas leak near East Cameron Block 278 Platform B. The platform is located approximately 93 miles offshore Louisiana, south of Lake Charles, in about 173 feet of water. The platform, which has not been in production for nearly a decade, is currently used to process natural gas and condensate from other facilities. With BOEMRE’s approval and after several safety system evaluations, Apache personnel re-boarded the platform January 19 and began work to kill the leaking well. BOEMRE engineers reviewed and approved the well control procedures to be used from the platform.

24 Jan 2011

UPDATE: BOEMRE Response to Natural Gas Leak in GOM

The Bureau of Ocean Energy Management, Regulation and Enforcement (BOEMRE) is continuing to oversee Apache Corp.’s source control efforts for a natural gas leak near East Cameron Block 278 Platform B. The platform is located approximately 93 miles offshore Louisiana, south of Lake Charles, in about 173 feet of water. The platform, which has not been in production for nearly a decade, is currently used to process natural gas and condensate from other facilities. With BOEMRE’s approval and after several safety system evaluations, Apache personnel have re-boarded the platform and begun work to kill the leaking well. BOEMRE engineers reviewed and approved the well control procedures to be used from the platform.

20 Jan 2011

Update: BOEMRE Response to Natural Gas Leak in GOM

The Bureau of Ocean Energy Management, Regulation and Enforcement (BOEMRE) is continuing to oversee Apache Corp.’s source control efforts for a natural gas leak near East Cameron Block 278 Platform B. The platform is located approximately 93 miles offshore Louisiana, south of Lake Charles, in about 173 feet of water. The platform, which has not been in production for nearly a decade, is currently used to process natural gas and condensate from other facilities. With BOEMRE’s approval and after a safety evaluation, Apache personnel have re-boarded the platform and are preparing equipment to begin work to contain the source of the gas leak. BOEMRE engineers are completing final reviews of source control procedures.

19 Jan 2011

BOEMRE Continues to Respond Leak in GOM

The Bureau of Ocean Energy Management, Regulation and Enforcement (BOEMRE) is continuing to oversee Apache Corp.’s source control efforts for a natural gas leak near East Cameron Block 278 Platform B. The platform is located approximately 93 miles offshore Louisiana, south of Lake Charles, in about 173 feet of water. The platform, which has not been in production for nearly a decade, is currently used to process natural gas and condensate from other facilities. Under the oversight of BOEMRE, Apache Corp has deployed a remotely operated vehicle (ROV) to evaluate the safety issues associated with re-boarding the platform. If the platform can be re-boarded safely, source control measures can be taken using equipment on the facility.

18 Jan 2011

BOEMRE Responds to Report of Natural Gas Leak

The Bureau of Ocean Energy Management, Regulation and Enforcement (BOEMRE) is responding to a report that Apache Corp. has experienced a potential natural gas leak at East Cameron Block 278 Platform B, a natural gas production platform approximately 93 miles offshore Louisiana, south of Lake Charles, in about 173 feet of water. The platform, which has not been in production for nearly a decade, is currently used to process natural gas and condensate from other facilities. According to its report, at approximately 10 a.m., January 16, Apache was in the process of permanently plugging its associated non-producing natural gas wells when workers spotted what appeared to be natural gas bubbling to the surface near the platform.

21 Jul 2010

U.S. Approves Shallow-Water Well in Gulf

According to a July 20 report from The Wall Street Journal, the Obama administration has approved a permit to drill a new well in the shallow waters of the Gulf of Mexico, the first such clearance since new safety regulations were put in place in response to the BP PLC oil spill. The permit was granted to Apache Corp. in Houston, which began work on the well Sunday, July 18. (Source: The Wall Street Journal)

08 Jul 2010

Ensco Acquires High-Specification Jackup Rig

Ensco said that a subsidiary of the company has purchased Diamond Offshore's Ocean Shield jackup drilling rig, a KFELS Super B Class design, delivered in 2008. The rig will be renamed ENSCO 109. The unique design includes two million pound hoisting capacity, a 15,000 psi high-pressure BOP and nearly 5,000 bbls of liquid mud capacity that make ENSCO 109 ideally suited to drill deep gas wells -- a high growth area in the premium jackup market. The design also permits drilling in water depths up to 350' to a total depth of 35,000'. Industry-wide, all of the KFELS Super B Class jackups are contracted. Chairman, President and CEO Dan Rabun stated, "The Middle East and Southeast Asia, in particular, are regions where we believe customers will require more high-spec, deep-gas jackup rigs. Mr.

13 Jan 2010

Apache Reports Fire on GOM Platform

Apache Corporation (NYSE:APA) reported a fire aboard its East Cameron (EC) 2 processing platform, in La. state waters of the Gulf of Mexico about two miles off the coast of Cameron Parish. The three personnel on the platform, all Island Operating employees, evacuated the platform and were rescued. They were all transferred to the hospital where Frank Richard, 34, of Mowata, La., died. The other two employees are being assessed. Island Operating provides contract operating services for Apache and other companies in the Gulf. Apache has shut in the wells that flow to the processing facilities on the EC2 platform. All production operations have been secured, and the fire has been extinguished.

11 Aug 2009

Kitimat LNG, Apache MOU

Kitimat LNG Inc. announced that it has signed a memorandum of understanding (MOU) with Apache Corporation to supply natural gas to Kitimat LNG's proposed liquefied natural gas export terminal. The MOU sets a framework for Kitimat and Apache to negotiate a definitive agreement to supply 200 million to 300 million cubic feet (MMcf) of natural gas feedstock per day to the terminal, which has a planned capacity of 700 MMcf per day. Apache also obtained an option to purchase an equity stake in the Kitimat LNG terminal. As natural gas supply and reserves continue to increase in North America, Kitimat LNG's terminal will provide producers in Canada such as Apache with secure access to key worldwide markets.

31 Dec 2007

W&T Offshore Acquires Interest in Federal Lease

W&T Offshore Inc. announced it has entered into an agreement with Apache Corp. to acquire Apache’s interest in Ship Shoal 349, a federal offshore lease off the coast of Louisiana, for $116m. “We are excited about acquiring Apache’s interest in the Ship Shoal 349 field,” said Tracy Krohn, W&T’s chairman and CEO. “Better known as Mahogany, (the field) was the first economic subsalt field drilled in the Gulf of Mexico. When consummated, W&T will own 100 percent working interest in the field.” W&T is an independent oil and natural gas company focused primarily in the Gulf of Mexico, including exploration in the deepwater and deep shelf regions.

28 Dec 2007

W&T Offshore Acquires interest in Federal Lease

W&T Offshore Inc. announced it has entered into an agreement with Apache Corp. to acquire Apache’s interest in Ship Shoal 349, a federal offshore lease off the coast of Louisiana, for $116 million. “We are excited about acquiring Apache’s interest in the Ship Shoal 349 field,” said Tracy Krohn, W&T’s chairman and CEO. “Better known as Mahogany, (the field) was the first economic subsalt field drilled in the Gulf of Mexico. When consummated, W&T will own 100 percent working interest in the field.” W&T is an independent oil and natural gas company focused primarily in the Gulf of Mexico, including exploration in the deepwater and deep shelf regions.

20 Dec 1999

Offshore E&P Spending To Rise 15% in N. America

Offshore oilfield service stocks, to put it mildly, have endured a wild ride for much of 1999. The once high-flying sector actually hit the skids in concert with the late 1997 Asian financial crisis, and resultant plummet in oil prices. Despite a raging rally in oil pricing for much of the year, investors have cautiously approached the stocks. One reason for the caution is purely psychological, as too many investors have been burned too many times on the cyclical stocks. Another is political, as OPEC’s current production restraints are eyed warily. Nevertheless, last Wednesday proved a boon to these companies collectively, as a bullish market for crude oil and refined oil products fueled strong gains for U.S. oilfield service and drilling stocks.

26 Jan 2000

E&P Spending 2000: A Disappointing Gain?

While the theoretical jury deciding which direction the offshore drilling market will take is still out, recent data suggests that the level of spending internationally will disappoint. Calling a 10.2% gain in spending a disappointment may seem a bit harsh, particularly given the depths to which the market has fallen in the previous two years. But considering the price per barrel has catapulted from the $10 level early in 1999 to the mid-20's by the beginning of 2000, it is fair to say expectations were set a bit higher. According to a recent Lehman Brothers survey, the following are the spending plans - by world region - for more than 320 oil companies. 2000E 1999E Year % Chg. # Co. U.S. U.S. Total U.S.

17 Dec 1999

Offshore Oilfield Stocks Rally

Offshore oilfield service stocks, to put it mildly, have endured a wild ride for much of 1999. The once high-flying sector actually hit the skids in concert with the late 1997 Asian financial crisis, and resultant plummet in oil prices. Despite a raging rally in oil pricing for much of the year, investors have cautiously approached the stocks. One reason for the caution is purely psychological, as too many investors have been burned too many times on the cyclical stocks. Another is political, as OPEC's current production restraints are eyed warily. Nevertheless, last Wednesday proved a boon to these companies collectively, as a bullish market for crude oil and refined oil products fueled strong gains for U.S. oilfield service and drilling stocks.