Apache: North Sea, GOM Production Back Online
Apache Corporation reported that its Gulf of Mexico production facilities are back online following suspended operations due to Hurricane Isaac. Also, production from North Sea assets has recovered following maintenance activities completed during the third quarter.
As the company enters its fourth quarter reporting period, worldwide production is at an all-time high of approximately 800,000 barrels of oil equivalent per day (boepd). In 2011, Apache averaged volumes of 737,000 boepd, adjusted for 11,000 boepd of divestitures last year.
"We remain focused on drilling our extensive inventory of oil and liquids-rich locations as we put the temporary disruptions from August and September behind us," said Rodney J. Eichler, president and chief operating officer. "Our opportunity set has never been richer, with more than 67,000 locations identified onshore the United States. We're currently operating 68 rigs in North America, targeting primarily oil and natural gas liquids formations in the Permian and Anadarko basins, where Apache is among the most active drillers."
Eichler explained that Hurricane Isaac deferred Gulf of Mexico production for six weeks in August and September, impacting third-quarter volumes from the Deepwater, Shelf and Gulf Coast Onshore regions by an estimated 12,200 boepd for the full three-month period. Additionally, planned turnarounds in the North Sea and continued downhole pump issues deferred nearly 12,000 boepd during the third quarter. As a result of these deferrals, third quarter 2012 volumes are projected to be approximately flat compared with prior-quarter volumes of 774,000 boepd.
With current production of 800,000 boepd, a substantial backlog of drilling locations and ample cash flow, Apache is on track to report record production in the fourth quarter of 2012.
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