Suriname NEWS

Oil producer Apache Corp and its joint venture partner Total SA made their third oil discovery offshore Suriname, sending Apache’s shares up 14% in after-market trading. The third major find was at the Kwaskwasi-1 well drilled offshore Suriname, which comprises 1.4 million acres. The Suriname operations are just across the border from where Exxon Mobil led discoveries off Guyana that are estimated to hold more than 8 billion barrels of oil.

Apache Corp and Total’s major oil discovery on Tuesday in Suriname sent Apache’s shares soaring to nearly 27%. Apache said the discovery conformed to a geologic model with 73 meters of oil pay and 50 meters of light oil and gas condensate pay, with more appraisal planning underway. Apache’s contract with Total included $100 million upfront payment and expenditures sustained in exploration.

Owing to stability issues in drilling operations, Kosmos Energy Ltd has decided to respud its Anapai-1 well, offshore Suriname. The well design has been altered to address the shallow borehole stability issues and drilling should take 50-60 days. The Anapai drilling venture has already seen a US $20 million investment from Kosmos Energy Ltd, where the company has a 33.3% stake alongside Chevron which owns 50%.