• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 7 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 15 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 59 mins Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 19 hours Did China cherry-pick the factors that affected the economic slow-down?
  • 20 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 20 hours Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 3 days U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 4 days Nord Stream - US/German consultations
  • 410 days Class Act: Bet You've Never Seen A President Do This.
  • 6 days An Indian Opinion on What is Going on in China
  • 2 hours NordStream2
  • 3 days Forecasts for Natural Gas
  • 3 days Australia sues Neoen for lack of power from its Tesla battery
  • 6 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
A Novel Solution To The Plastic Pollution Problem

A Novel Solution To The Plastic Pollution Problem

Global initiatives and new technologies…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Premium Content

Apache Announces Possible 3 Billion Barrel Crude Discovery In West Texas

The Houston-based oil firm Apache announced a massive new discovery on Wednesday, which it claims could supply every refiner on the Gulf Coast of the United States for a year, according to a new report by Bloomberg.

The Alpine High discovery, confirmed after two years of testing, could contain three billion barrels of oil and 75 trillion cubic feet of rich gas, a company press release said.

"Today's announcement is the culmination of more than two years of hard work by the Apache team,” John J. Christmann IV, Apache's chief executive officer and president, said in the statement. "While other companies have focused on acquisitions during the downturn, we took a contrarian approach and focused on organic growth opportunities.”

The site - which cost Apache $1,300 per acre for 352,000 gross acres - sits in the southern portion of the Delaware Basin in western Texas.

So far, the firm has identified 2000-3000+ drilling sites in just two of the five formations the site includes, namely Woodford and Barnett.

"Our announcement today represents a significant addition to our already deep and highly economic Permian Basin position,” Christmann said. “With the contribution of Alpine High to our global portfolio of world-class international and North American assets, Apache clearly has more profitable-growth opportunities than at any other time in the company's 60-year history.”
The oil major’s shares rose by nine percent to $56.17 in early morning trading on Wednesday in response to the announcement, coming back down to $55.33 near 2:00EST. Related: Dakota Access Pipeline Saga Turns Violent

Last month, Apache announced a $244 million net loss for the second quarter of 2016, missing investor forecasts that predicted an unprofitable three months, but at lower margins.

The company’s production rates have been low this year, as the Permian basin – one of Apache’s major drilling areas – recovers rigs slowly and steadily.

Apache’s total global oil and gas production averaged 535,456 barrels of oil equivalent per day last quarter, down from 579,827 boed for the second quarter of 2015.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Teddy on September 07 2016 said:
    Almost a half a trillion dollars just for the acreage? Highly economical? Riiiiiiight.
  • steeple on September 07 2016 said:
    Teddy, you are off by a factor of 1000

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News