Subsidiary: Apache Corporation
The North Sea plays a strategic role in APA Corporation’s portfolio. It provides competitive investment opportunities leveraging existing infrastructure, strong cash flow generation and potential reserve upside with low-moderate risk exploration potential.
Apache entered the North Sea in 2003 after acquiring an approximate 97% working interest in the Forties Field (Forties). Since acquiring Forties, Apache has actively invested in the asset and has established an inventory of drilling prospects through successful exploration programs and the interpretation of 4-D seismic data. Building upon its success at Forties, in 2011, Apache acquired additional assets from Mobil North Sea Limited, providing new exploration and development opportunities across numerous fields, including operated interests in the Beryl, Ness, Nevis, Nevis South, Skene and Buckland Fields and a non-operated interest in the Maclure Field. Apache also has a non-operated interest in the Nelson Field, which it acquired in 2011. The company’s Beryl asset, a geologically complex area with multiple fields and stacked pay potential, provides significant exploration opportunity.
In addition to optimizing efficiency and production at its legacy assets, Apache has maintained an inventory of new exploration and development opportunities through the acquisition and interpretation of 3-D and 4-D seismic data. The company looks for resources that can be developed by tying into existing infrastructure, as evidenced by the Garten discovery in 2018. Apache also has a portfolio of other prospects that represent a higher risk/higher reward opportunity than the traditional North Sea activities highlighted above.
As of year-end 2022, Apache had interests in approximately 294,000 gross acres in the U.K. North Sea, which contributed 14.4% of Apache’s 2022 production and approximately 11% of year-end estimated proved reserves
Please note, the data on this page is current as of Dec. 31, 2022. For the latest on Apache’s North Sea operations, please see our quarterly updates and disclosures on the Investors page.