The North Sea plays a strategic role in Apache’s portfolio by providing 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 North Sea 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 Beryl Field, 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 easily 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 its traditional North Sea activities.
As of year-end 2019, Apache had interests in approximately 419,000 gross acres in the U.K. North Sea and contributed 13% of Apache’s 2019 production and approximately 13% of year-end estimated proved reserves.
Please note that the data on this page is current as of Dec. 31, 2019. For the latest on Apache’s North Sea operations, please see our quarterly updates and disclosures on the Investors page.