Apache is to increase investment in drilling to 78% of its
annual capital spending in 2016-2020, compared to 51% in 2012-2015.
Investment in seismic will double, from 5% of its capital
spending to 10%, while spending on infrastructure will fall from 44% to 12%.
The firm is also eying development concepts for its 40-60
MMboe Seagull discovery, south of the Forties field, made earlier this year.
The Seagull discovery was among a string of North Sea
discoveries, including Callater and Corona, containing 25-50 MMboe and 9-19
MMboe respectively, both close to the Beryl field, announced by Apache earlier
The discoveries follow years of spending on Apache’s North
Sea infrastructure. Since buying the Forties field from BP in 2003, Apache has
invested some US$2.6 billion. In that time, the recovery rate on Forties has
increased from 47%, with 2.6 billion boe from the 5 billion boe in place field
extracted, to 52% to date.