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) 2012 Dow Jones & Company, Inc.
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