Uchenna Izundu
OGJ International Editor
LONDON, July 14 -- Apache North Sea Ltd. has contracted Petrofac Ltd. for the onshore engineering and offshore construction that will support the five fixed platforms in Forties oil field in the UK North Sea.
The deal is worth £25 million/year and it will last 3 years with Apache holding two optional 1-year extensions.
Forties field is producing more than 70,000 b/d of oil and Apache has spent more than $1.2 billion on the mature assets since its acquisition in 2003. Apache is confident that Forties could produce oil for another 20 years and has identified 60 targets ranging in size from less than 0.5 MMboe to 1.5 MMboe to drill; most of the prospects are less than 1 MMboe.
In June, Apache started oil production from its Forties Charlie 6-3 well with 10,500 b/d (OGJ Online, June 22, 2009). The well is the seventh development well brought on production at Forties this year. The well’s initial production rate is the field's highest since 1994, Apache said.
Contact Uchenna Izundu at [email protected].
