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Apache reports work in three Argentine basins

07/06/2009
Apache Corp., Houston, reported progress in its operations in Argentina, where it has positions in the Neuquen, Austral, and Cuyo basins.Argentina, where 72 of the 83 wells Apache drilled in 2008 were productive, holds 5% of the company’s net proved reserves and 9% of its production. Net production averaged 47,600 boe/d in the quarter ended Mar. 31, down 4% from the last quarter of 2008 even though liquids output didn’t decline.In the Neuquen basin, Apache finalized the extension of eight federal development blocks that cover 590,000 acres and produce 7,000 b/d of oil and 100 MMcfd of gas. The government extended the lease 10 years to 2027. Apache has a capital commitment of $...
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