Apache Corp and French rival Total have formed a joint venture to develop a proj...
- Apache Corp 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% off 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.
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