Post Tagged with: "Apache CEO John Christmann"

Source: Houston Chronicle

Apache, Total announce first oil discovery offshore of Suriname

Houston Chronicle Apache Corp. and the French energy major Total said Tuesday they’ve made a significant oil discovery offshore of the small South American nation of Suriname. The announcement comes after Apache first offered vague results in early December that disappointed investors, and Houston-based Apache then made a 50-50 partnership with Total to eventually hand over the operations to the French firm. In just more than a month, Wall Street sentiments have made an about face on Apache’s Suriname plans with the new joint venture and, now, the first promising results. Apache has pinned high hopes on Suriname after Exxon Mobil started developing huge oil projects offshore of neighboring Guyana. Apache is quick to point out that it is drilling just seven miles from the Guyana maritime border. Although Brazil and Venezuela both have many decades of oil experience, energy companies have begun focusing of late on their much smaller neighbors[Read More…]

Apache CEO Christmann: Coping with Bottlenecks and Pricing Differentials in the Permian

Apache CEO Christmann: Coping with Bottlenecks and Pricing Differentials in the Permian

We are starting to layer in projects … to move our various products to the markets: Christmann Pipeline bottlenecks have begun to plague producers in the U.S.’s top producing oil basin. For one thing the price they can get for a barrel of oil in West Texas is falling, compared to the price paid in Cushing, Oklahoma. Analysts believe the Midland-Cushing price differential is not likely to close any time soon, as long as Permian production continues to rise and the basin’s limited takeaway capacity exists, putting higher pressure on prices. Helping at least somewhat is the Midland-to-Sealy line, which has now entered service. This is the only major pipeline project scheduled for 2018. Enterprise Products Partners L.P. (ticker: EPD) built the 416-mile Midland-to-Sealy pipeline with an expanded capacity of 540,000 barrels per day. The pipeline is capable of transporting batched grades of crude oil and condensate. The EPIC pipeline starts operations[Read More…]