Apco Oil & Gas International Inc., Tulsa, plans capital spending of $66 million in 2013 compared with outlays of $54.4 million last year.
The 2012 expenditures went mainly for development and exploratory drilling in Argentina’s Neuquen basin and exploratory drilling in Colombia.
The company plans to participate in the drilling of 48 gross wells in 2013 compared with 37 in 2012.
The 2013 capital program will focus on development and exploratory drilling in the Neuquen basin, unconventional exploratory drilling in the Neuquen basin, and continued exploratory drilling and field development in Colombia, where the company’s first two wells resulted in discoveries in 2012.
The company said its efforts to explore the Vaca Muerta shale in Argentina have met with positive but modest results to date and indicate that the formation is capable of production. Apco will further target the Vaca Muerta in 2013 on its Coiron Amargo block and said “understanding the potential of this resource will take persistence and perseverance by all companies.”