Apache’s announcement of new discoveries which could hold up to 70million barrels of oil equivalent will be “extremely welcome”, says Industry expert Professor Alex Kemp.
The petroleum economist made the comments after the US explorer revealed five new discovery wells had been uncovered.
Apache said two discoveries were made on two exploration wells in the Beryl area as well as further discovery 50 miles south of the company’s Forties field.
He said: “This announcement by Apache is extremely welcome because its coming at a time when exploration is at a relatively low level and discoveries are at a really low level.
“The announcement of discoveries in the Beryl vicinity and the Forties vicinity is particularly good news because it indicates what has been regarded as a very well explored areas still has some potential.
“Recoverable resources of between 50 and 70 million barrels by any means is quite a significant find.”
The company said it also drilled two development wells in the Beryl area from which no reserves have previously been booked.
The K and Corona wells are the first exploratory prospects drilled by Apache in the Beryl area.
Apache said both prospects as well as the success at the Seagull prospect not far from the Forties field could hold recoverable reserves of between 50 and 70 million barrels of oil equivalent.
Further appraisal drilling will take place to help define the upside potential, the company said.
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