Apache announces 3rd quarter results and plans for 5th Suriname well and the key takeaways are below:
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Upstream capital investment significantly below guidance in the third quarter; reduced full-year 2020 capital outlook to $1.0 billion
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Increased estimated annual run-rate cost savings associated with organizational redesign to $400 million from $300 million
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Reported third-quarter production of 445,000 barrels of oil equivalent (BOE) per day; adjusted production unchanged from the second quarter at 394,000 BOE per day
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Issued 2020 Sustainability Report, highlighting the company’s ESG strategy and performance
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In Block 58 offshore Suriname, announced Kwaskwasi discovery, finalized appraisal plans for Sapakara discovery, and initiated drilling at fourth exploration target, Keskesi.
“During the third quarter, we completed operations on Kwaskwasi, our third oil discovery in Block 58 offshore Suriname this year and our best well in the basin thus far. We have now filed appraisal plans for the Maka and Sapakara discoveries and will submit the Kwaskwasi appraisal plan by year-end. Operations continue on the fourth exploration target, Keskesi, and we have also selected our fifth exploration well, Bonboni, which will be situated in the North Central portion of Block 58. We are in the process of transitioning operatorship to Total and look forward to robust Suriname exploration and appraisal programs in 2021,” said John J. Christmann IV, Apache’s chief executive officer and president.
Source: Apache
