Apache Makes Two Discoveries in UK North Sea

Apache Corporation announced discoveries on two exploration wells - K and Corona - in the Beryl area of the UK North Sea. 

‘Apache estimates the K and Corona discoveries, combined with the success at Seagull, represent likely net recoverable reserves of 50 million to more than 70 million barrels of oil equivalent (MMboe)’ reads a note released on Friday.

According to the company, future appraisal drilling would enable it to further define the upside potential beyond 70 MMboe.  

“The success of our first two exploration wells at Beryl, combined with the Seagull discovery, could increase our total North Sea proved reserve base by more than 50 percent” Thomas Voytovich, Apache's executive vice president, commented.  

Earlier this month, INEOS bought several stakes in the North Sea.