Apache Has Successful Day In Gulf Of Mexico Lease Sale, Recording High
Bids In 90 Shelf And Deep Water Blocks
HOUSTON, June
21, 2012 /PRNewswire/ -- Apache Corporation (NYSE, Nasdaq: APA) announced it was
the high bidder on 90 shelf and deep water blocks in the Central Gulf of Mexico offshore
lease sale held today by the Bureau of Ocean Energy Management (BOEM) in New
Orleans.
Of the 56 companies submitting bids for Gulf of Mexico acreage, Apache Corp. was ranked No. 1 overall
for its 61 high bids on the shelf, while Apache Deepwater LLC , the company's deep water arm, was
ranked No. 4 overall with 29 high bids.
The sum of the combined high bids was nearly $96
million gross.
"We're excited about these blocks and our expanding presence in the Gulf of Mexico," said G. Steven
Farris, Apache chairman and chief executive officer. "The Gulf of Mexico is integral to
Apache's long-term growth. The shelf provides some of the best margins, highest
returns and most free cash flow, and the deep water has some of the best
exploration potential of any region in our global portfolio."
Bidding on acreage in the shelf was focused on areas where Apache is
acquiring proprietary seismic data, along with moderate to deep exploration
prospects based on recently acquired and reprocessed seismic data. Successful
deep water bids were focused on Pliocene and Miocene trends where Apache has
acquired a significant seismic data base. Deep water bid partners included Stone
Energy, Samson, Noble, Repsol, Nexen and Ecopetrol.
"This was a very robust lease sale with premium acreage," said Jon Jeppesen,
executive vice president of Apache's Gulf of
Mexico regions. "These blocks strengthen our position on the
shelf and in the deep water. In both areas, Apache has the fiscal wherewithal,
technical prowess and experience to capture the value of these
opportunities."
The shelf and deep water Gulf of
Mexico currently represents 15.5 percent of Apache's overall
daily production.
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