Apache Corporation and French rival Total have formed a joint venture to develop...
- Apache Corporation and French rival Total have formed a joint venture to develop a project off Suriname, the companies said, in a deal that gives the U.S. oil and gas producer a cash injection.
Apache reported this month it had reached its target depth at its first Suriname well but said only that it would drill deeper, knocking 17% of its shares in two days as investors took the news as a sign the well had no commercially viable oil. Total said it would give Apache a bonus of $100 million when the deal closes, reimburse half of Apache’s costs to date for its first three exploration wells, and could pay more depending on further developments.
The U.S. oil producer has largely pulled back internationally to focus on its much-hyped Alpine High field in a remote corner of the Permian Shale basin, the top U.S. shale formation.
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