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APA & TotalEnergies Make Oil Discovery in Offshore Suriname
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APA Corporation (APA - Free Report) and partner TotalEnergies (TTE - Free Report) made a significant oil discovery in the Sapakara South-1 appraisal well on block 58, offshore Suriname.
TotalEnergies is the operator of block 58, with a 50% participating interest, while Apache Corporation holds the rest. On Jan 1, TotalEnergies took the operatorship of the block.
Located on the eastern edge of the Sapakara area, the Sapakara South-1 well was drilled using the Maersk Valiant drillship, 850 meters below the water surface. The well encountered 30 meters of net black oil pay in a single zone of high-quality Campano-Maastrichtian reservoir.
The discovery follows previous findings at Maka Central, Sapakara West, Kwaskwasi and Keskesi on the same block. Subsequent to the successful exploratory results offshore Suriname, most analysts opine that the area could become a hotspot for oil production in the near to mid-term. As a result, Suriname remains on the list of the major companies for oil and gas exploration in offshore areas.
Following the completion of the drilling operation, the Maersk Valiant drillship will be moved to drill the next exploration prospect Bonboni-1 well on the northern portion of Block 58. By the end of the year, it will resume the appraisal program, which includes the flow test of Sapakara South-1.
TotalEnergies announced that it expanded its presence in Suriname, where several discoveries have been made in 2020. The company and its partner Qatar Petroleum were awarded Block 6 and Block 8 in the Suriname SHO Bid Round 2020/2021. TotalEnergies will operate the blocks, which are adjacent to Block 58.
Company Profile
Headquartered in Houston, TX, APA is one of the world's leading independent energy companies engaged in the exploration, development and production of natural gas, crude oil and natural gas liquids.
Zacks Rank & Other Stocks to Consider
APA currently flaunts a Zacks Rank #1 (Strong Buy).
Image: Bigstock
APA & TotalEnergies Make Oil Discovery in Offshore Suriname
APA Corporation (APA - Free Report) and partner TotalEnergies (TTE - Free Report) made a significant oil discovery in the Sapakara South-1 appraisal well on block 58, offshore Suriname.
TotalEnergies is the operator of block 58, with a 50% participating interest, while Apache Corporation holds the rest. On Jan 1, TotalEnergies took the operatorship of the block.
Located on the eastern edge of the Sapakara area, the Sapakara South-1 well was drilled using the Maersk Valiant drillship, 850 meters below the water surface. The well encountered 30 meters of net black oil pay in a single zone of high-quality Campano-Maastrichtian reservoir.
The discovery follows previous findings at Maka Central, Sapakara West, Kwaskwasi and Keskesi on the same block. Subsequent to the successful exploratory results offshore Suriname, most analysts opine that the area could become a hotspot for oil production in the near to mid-term. As a result, Suriname remains on the list of the major companies for oil and gas exploration in offshore areas.
Following the completion of the drilling operation, the Maersk Valiant drillship will be moved to drill the next exploration prospect Bonboni-1 well on the northern portion of Block 58. By the end of the year, it will resume the appraisal program, which includes the flow test of Sapakara South-1.
TotalEnergies announced that it expanded its presence in Suriname, where several discoveries have been made in 2020. The company and its partner Qatar Petroleum were awarded Block 6 and Block 8 in the Suriname SHO Bid Round 2020/2021. TotalEnergies will operate the blocks, which are adjacent to Block 58.
Company Profile
Headquartered in Houston, TX, APA is one of the world's leading independent energy companies engaged in the exploration, development and production of natural gas, crude oil and natural gas liquids.
Zacks Rank & Other Stocks to Consider
APA currently flaunts a Zacks Rank #1 (Strong Buy).
Some other top-ranked players in the energy space are Eni SPA (E - Free Report) and Penn Virginia Corporation , each presently sporting a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Eni’s earnings for 2021 are expected to rise 26.1% year over year.
Penn Virginia’s earnings for 2021 are expected to increase 51% year over year.