Oil and gas exploration company Apache Corp. has started to install a satellite extension to the main production platform serving the Forties field in the North Sea, aimed at extending the life of the field, U.K. newspaper The Financial Times reports Monday.
The newspaper said the project worth 400 million pounds ($634 million) is the latest investment made by the company from Houston, Texas, following its acquisition of the declining Forties field from BP In 2003.
The extension, next to Forties Alpha, will at first boost output and then arrest the decline of oil and gas production.
The company was unavailable for immediate comment on the report.
Copyright (c) 2013 Dow Jones & Company, Inc.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Related Companies
Digg It
Stumble it!
Newsvine
Del.icio.us
Technorati
Reddit
Facebook
