Apache Corp and Total SA said on Tuesday they had made a major oil discovery in ...
- Apache Corp and Total SA said on Tuesday they had made a major oil discovery in a closely watched area off the coast of South America’s Suriname, sending Apache’s shares surging nearly 27%.
Analysts said it was impossible to ascertain as yet how much oil the well would generate but it is just over the border from Exxon Mobil-led discoveries off Guyana that are estimated to hold more than 6 billion barrels of oil. New York-listed Apache’s shares rose to their highest since May 2019 and were last up 26.7% at $32.48.
The U.S. oil company reported a steady decline in output in the last two reported quarters of 2019, and has reduced drilling activity at Alpine High and warned it may move capital away from the region if gas prices don’t recover.“It’s binary. Yesterday, Suriname was worth nothing and now: we don’t know what it’s going to be worth,” said BofA Global Research energy analyst Doug Leggate. “For a company of Apache’s size, this is a potential game changer.
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