Apache Provides Operational Update
Apache Corporation announced five discoveries and 13 successful development wells on the Outer Continental Shelf of the Gulf of Mexico. The recent drilling successes will help Apache achieve its goal of maintaining level production on the Shelf. With current net production of 345 million cubic feet (MMcf) of natural gas and 34,000 barrels of oil per day, Apache ranks fourth among Shelf producers.
Apache expects its Gulf operations will contribute approximately $400 million of cash flow during the first half.
Apache has 169 operated platforms and 489 active operated wells in the Gulf. The company plans to spend $300 million this year for drilling and recompletion activities and facilities and currently has eight rigs in operation in the Gulf. Apache was the fourth most active driller in the United States in the first quarter of 2001.