ApacheCorp. Q3 2009 Earnings Conference Call

  • download
  • Print
  • Recommend
  • 0

2009-10-29 20:14:08.0

Tags: Goldman Sachs Group Inc., Earnings, Network Technology, Financial Accounting, Networking, Finance, Seeking Alpha, Apache Corp.

Question-and-Answer Session

Operator

(Operator Instructions) And we'll go first to Brian Singer with Goldman Sachs.

Brian Singer - Goldman Sachs

First question on Coniston, the wealth you highlighted earlier seems to have relatively high rates and I wondered if you could provide some more color on the resource potential there and capacity available that's leading to your decision to tie that project back versus potentially developed new infrastructure.

Steve Farris

We're constant and we drilled five wells to date and probably have another two or three wells to complete delineation structure when the rig returns to this area sometime in early December. We currently from our current view of the field from the first five wells we drilled and the test results for the two wells which I mentioned this is probably has a gross recoverable oil accumulation in the vicinity of about 35 to 40 million barrels. It's within 10 kilometers of the Van Gogh FPSO development so it's very likely and we of course early in the stages of doing the development assessment. But we very likely tie it to the Van Gogh FPSO.

Brian Singer - Goldman Sachs

Secondly on Wheatstone, you had highlighted the potential for that project to development 2.1 Tcf. What do you see as your discovered resource at Julimar and Brunello as well as any nearby fields and how should we think about your interest in resource available for potential expansions beyond these first two trains?

Rod Eichler

Well, we have 2.14 Tcf which we referenced is our kind of our P50 reserve case. We have significant upside to that. We have a lot of satellite projects in the area which could access those production through that facility by virtue of their near proximity. In fact its one of the beauties of the Wheatstone development for us at LNG as it really allows us to bring a lot more of these previously discovered, but isolated accumulations into the marketplace.

Brian Singer - Goldman Sachs

Maybe I missed it, do you have a sense of what that could represent? In other words, are there discoveries that you may not have deemed commercial in the past that could now become commercial above and beyond to the 2.1 Tcf?

Rod Eichler

A bunch are there in the (inaudible) area I which I mentioned, which is right next to the Van Gogh and Coniston and (inaudible) area is the gas development there. Probably four projects we've identified in there, we probably add up to 150 Bcf resource potential on our existing licenses, and we have others which could be delayed and also in the area between Pyrenees Island and the Wheatstone central production platform on existing lands. I don't have a number to give you this afternoon.

 

BNET TalkbackShare your ideas and expertise on this topic

Please add your comment:

  1. You are currently: a Guest |
  2.  

Basic HTML tags that work in comments are: bold (<b></b>), italic (<i></i>), underline (<u></u>), and hyperlink (<a href></a)

advertisement
advertisement
  • Click Here
  • Click Here
  • Click Here
advertisement