Point of View: Apache's Harris touts firm's aggressive, 'lean and mean' drilling strategy

05/24/2004
Nina M. Rach, Drilling Editor Click here to enlarge imageHouston-based Apache Corp. experienced a 22% growth in production, 26% growth in reserves, and a 330% reserve replacement rate in 2003. It was a year in which "everything went right," said Mike Harris, Apache's director of worldwide drilling. The year's results are the fruit of a corporate strategy that stresses aggressive exploration and development drilling while keeping a tight rein on costs. The company completed $1.5 billion in acquisitions from BP PLC and Royal Dutch/Shell Group in 2003. Early in the year, BP sold Apache its 96.14% stake in the UK North Sea's Forties oil field as well as some shallow-water Gulf ...
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