HOUSTON, Jan. 6, 2011 /PRNewswire/ — Apache Corporation (NYSE, Nasdaq: APA) today announced that hydrocarbon production has begun at its Balboa Field, located on East Breaks Block 597. Initial gross flow rates have stabilized at approximately 30 million cubic feet of natural gas and 1,400 barrels of oil per day. Apache’s subsidiary is the operator of the field and holds a 50 percent working interest.
Balboa is located in estimated water depths of 3,350 feet approximately 130 miles south of Galveston, Texas. The field is a one-well development with a six-mile tieback to the Anadarko-operated Boomvang spar on East Breaks 643. The reservoir features oil-bearing sandstones with a natural gas cap. The well has been completed near the crest of the structure to optimize overall hydrocarbon recovery. This completion was designed to initially produce natural gas and liquids with increasing liquids and decreasing gas volumes throughout the life of the field.
“Subsea tieback technology has significantly improved the economics for deepwater developments by lowering the threshold for commercial accumulations,” said John Crum, co-chief operating officer and president — North America. “Through acquisitions completed in 2010, Apache now has both the capability in-house and the portfolio of properties in the deepwater Gulf of Mexico to exploit assets such as Balboa and add shareholder value.”
Apache assumed operatorship of Balboa with the acquisition of Mariner Energy in November 2010. The field commenced production on Dec. 28, 2010.
Source/Image: Apache
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 110,198 members that receive our newsletter.
Have a news tip? Let us know.
Two of the world's biggest renewables players on Wednesday warned of challenges for the U.S. offshore wind sector under a presidency led by Donald Trump, flagging potential delays for the technology slammed by the president-elect.
A Russian Navy frigate equipped with new generation hypersonic cruise missiles has conducted drills in the English Channel and is carrying out tasks in the Atlantic Ocean, Russian news agencies reported on Tuesday.
Energy regulator Ofgem approved five new subsea power links from Great Britain to the continent and Ireland as the country seeks to profit from a boom in wind capacity and become a net electricity exporter by the end of the decade.
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
Sign Up
Maritime and offshore news trusted by our 110,198 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
