Rare good news as the oil industry collapses

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As oil companies rush to announce spending cuts, Apache Corporation said Thursday that it had made a major oil discovery off Suriname in South America, its second major oil discovery in the region this year.

Apache and Total in France hit oil at the Sapakara West-1 well drilled on block 58 off Suriname, a country and a basin bordering Guyana, where ExxonMobil found recoverable resources estimated at 8 billion barrels of oil equivalent .

In January of this year, Apache and Total announced a major oil discovery on Block 58, raising hopes that the prolific discoveries of Guyana will extend into the waters of neighboring Suriname. Apache and Total made their first oil discovery in Suriname at the Maka Central-1 well drilled off Suriname on block 58, in which Total had just acquired a 50% interest and an operator.

“The new license expands our positions in the Guyana-Suriname basin, a very favorable oil province,” said Arnaud Breuillac, president, Exploration & Production at Total, in late December when the French company announced the deal.

Related: American Drillers Face End-Of-Day Scenario While Some Raw Mixes Reach $ 1

Commenting on the new discovery off Suriname, John J. Christmann, CEO and president of Apache, said today:

“Our second discovery off Suriname this year confirms our geological model and confirms a large hydrocarbon system in two types of play on block 58. Based on a conservative estimate of the net compensation on several ventilation systems, we discovered another very important petroleum resource with the Sapakara West-1 well. “

Apache has identified at least seven distinct types of play and more than 50 prospects in the thermally mature play fairway, the company said.

Major discoveries off Suriname could turn the South American country into an oil producer, in the same way that major oil discoveries have made neighboring Guyana the world’s newest oil producer. Guyana officially joined the ranks of oil-producing countries late last year after ExxonMobil and its partners began producing oil off the coast of South America.

By Tsvetana Paraskova for Oilprice.com

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