Market info

Apache hit by losses, despite production rise


Apache has reported a loss of $5.6billion in its second quarter results. The company said the figure includes an after-tax ceiling test write down of $3.7billion resulting from low commodity-price levels and $1.9billion of other items. Apache said despite the losses it expects to increase its production guidance for 2015.

Oil & Gas

Paradigm Flow Services completes work on Forties assets


Paradigm Flow Services has completed a deluge remediation and replacement project in the Forties field for Apache North Sea. The company finished the work as part of its service on four of the Forties assets. The team has been undertaking a variety of work to ensure the lifetime of the system including valve replacement work, cleaning drains and parts and then testing the system with air and water. Paradigm also completed hydraulic modelling to verify that all changes were accurately captured.

Oil & Gas

Apache begins production from Coniston field


Apache has begun oil production from the Coniston subsea oil field development offshore Western Australia. The company's partner INPEX provided the update on the Coniston field, which is being produced by an FPSO (floating production, storage and offloading vessel) which operates on the Van Gogh oil field.

Oil & Gas

Apache awards subsea contract to SEA


Apache has awarded a subsea distribution unit supply contract to SEA. Under the agreement, the company’s subsidiary J+S will provide subsea distribution units and associated equipment and services for Apache’s Ness Nevis project. Apache is currently undertaking a development program to upgrade the subsea controls architecture in preparation for new wells at the Beryl Field area.

Oil & Gas

Apache snaps up rig for Carnarvon


Apache have contracted a semi-submersible rig from Diamond Offshore to drill the Levitt-1 exploration well in the northern Carnarvon Basin. Karoon Gas Australia said it had been advised by the operator of the move which will see the Ocean America rig used to drill in the exploration permit WA-484-P. The Levitt-1 exploration well is expected to spud during May 2015.

Oil & Gas

Stork scoops Apache contract extension


Stork has been awarded a three-year contract extension with two one-year extension options from Apache. The company will provide a range of integrated fabric maintenance support services including scaffolding, insulation, coatings, passive fire protection, deck support, environmental and decontamination and rope access. The initial contract was awarded to Stork in 2009 and has now been extended until 2017.

Oil & Gas

North Sea boss upbeat about prospects for the UK oil and gas industry

Apache North Sea boss Jim House insists the UK oil and gas industry still has a bright future but he has also joined the growing clamour for Chancellor George Osborne to usher in new tax breaks. Mr House, region vice-president and managing director at Apache North Sea (ANS), told the Press and Journal yesterday there was “no better time” than now to radically overhaul a fiscal regime which was not helping oil and gas firms. The current system is not fit for purpose, he said, adding that the industry itself also needed to change following the sharp slump in oil prices.

Oil & Gas

Apache earmarks £1billion spend during 2015


US oil firm Apache expects to spend between £900million and £1.1billion “internationally and offshore” during 2015, compared with £1.8billion last year,results revealed yesterday. Houston-based Apache – one of the UK North Sea’s leading operators – reported fourth quarter net losses of £3.1billion, compared with profits of £113million a year earlier.

Oil & Gas

Apache chief exec to get $11.9million retirement package


The chief executive of Apache will collect $11.9million in salary and bonus as part of his retirement package. Steve Farris, who announced his retirement last week, will continue in a consulting role with the company. During this period he will collect his $1.75million salary as well as two bonus payments of $2.6million and a lump sum of $1.4million.


Apache’s top man announces retirement

Apache has confirmed the retirement of its chief executive. Steven Farris said he would step down from his role but continue as non-executive chairman of the board until May 1, 2015. Mr Farris joined the firm in 1988 and has served as its chief executive officer since 2002 and as chairman of the board since 2009.

Market info

Bilfinger Salamis secures contracts worth more than £100million


Energy services firm Bilfinger Salamis UK has secured new business with a combined total value of more than £100million. The company has been awarded the contracts from clients including Apache and Taqa Bratani in the last three months. The services to be provided include offshore inspection enactment including conventional and advanced NDT,scaffolding access and rope access.

Oil & Gas

Apache cuts contractor rates by 10%


Apache has cut its contractor rates by 10% according to reports. The move comes just a day after WGPSN revealed it would be making 10% cuts to its contractor rates, as well as freezing salaries from January. It follows a previous 10% cut for UK-based onshore contract workers in May.

Oil & Gas

Egypt signs $40million shale deal with Apache and Shell


Egypt has signed its first contract to extract gas by fracking in a deal with Shell and Apache which includes investments of up to $40million. The oil ministry said it was part of efforts to boost output amid tumbling oil prices.

Market info

Apache sells off two LNG assets in $3.75billion sale


US oil firm Apache has sold off its interest in two LNG projects along with accompanying reserves to Woodside Petroleum in a $3.75billion deal. The company is also expected to be reimbursed $1billion for its net expenditure on the two assets, Wheatstone and Kitimat. The terms of the agreement means Apache will sell its equity ownership in its Australian subsidiary Apache Julimar.

Market info

Apache sells off $1.4billion of assets in Louisiana and Anadarko Basin


Apache has agreed to sell off assets in Louisiana and the Anadarko Basin for $1.4billion in two separate transactions. The company said the first deal will involve the sale of 90,000 net acres of mature fields in Southern Louisiana. The mature fields, which it said were characterised by high decline rates and short reserve lives, produced 21,000 BOE (Barrels of Oil Equivalent) per day.