TotalEnergies and Apache Corp Make Oil Find

TotalEnergies (NYSE: TTE) and Apache Corporation (NASDAQ: APA) have encountered oil in the Sapakara South-1 well on Block 58 off the coast of Suriname, TotalEnergies has revealed.

Sapakara South-1 encountered 98 feet of net oil pay in a good quality Campano-Maastrichtian reservoir, according to TotalEnergies. The find, which was drilled in a water depth of around 2,788 feet, is located 2.5 miles south-east of the Sapakara West-1 discovery.

The latest discovery follows previous finds at Maka Central, Sapakara West, Kwaskwasi, and Keskesi, TotalEnergies highlighted. On completion of the Sapakara South-1 well, the rig used to drill the site will move to drill the Bonboni-1 well in Block 58, TotalEnergies outlined.

“We are pleased by this new successful well at Sapakara South-1, very similar to the one announced in Keskesi earlier this year,” Kevin McLachlan, the senior vice president of exploration at TotalEnergies, said in a company statement. “These repeated positive results confirm our strategy which targets large resource volumes at low development costs,” he added in the statement.

“As the operator of the prolific Block 58, this encourages us to continue our effort, jointly with our partner, to add to the resource base while conducting the appraisal operations designed to prove a commercial oil development,” the TotalEnergies representative went on to say.

TotalEnergies is the operator of the asset, holding a 50 percent working interest. Apache Corporation holds the remaining 50 percent stake. TotalEnergies assumed operatorship of Block 58 on January 1.

Last month, TotalEnergies announced that it had expanded its presence in Suriname. The company revealed that it, and its partner Qatar Petroleum, had been awarded Block 6 and Block 8 in the Suriname SHO Bid Round 2020/2021. TotalEnergies will operate the blocks, which are situated in shallow water, adjacent to Block 58.

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