Apache Finds Oil in South America Offshore Block -- Update
January 07 2020 - 11:02AM
Dow Jones News
By Micah Maidenberg
Apache Corp. and Total SA said they found oil off the coast of
Suriname, characterizing the find as a significant one in a region
energy investors have been watching closely.
News of the successful find sent shares of Houston-based Apache
up 21% in Tuesday morning trading. Total shares were down
slightly.
Last month, Apache released an update about its exploration
efforts at the well that contained relatively little information
about search results. That update sent shares in the Houston-based
company sharply lower.
"Data indicates the potential for prolific oil wells," Apache
Chief Executive John Christmann said in a statement Tuesday about
the company's discovery in the waters near the South American
nation.
The Suriname field Apache is developing is located to the east
of offshore prospects and fields in Guyana, including a major field
Exxon Mobil Corp. is developing. Hess Corp. and China's Cnooc Ltd.
are partners in that project.
Apache also said last month it struck a deal with Total to
explore and develop the field in Suriname where the companies now
have found oil.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
January 07, 2020 10:47 ET (15:47 GMT)
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