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Apache oil and gas exploration summary

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02 November 2018

Apache oil and gas exploration summary

Report summary

Apache has historically operated as a mature asset specialist with a moderately risk-averse strategy. It used an "acquire, exploit and explore" model to drive growth, and generally pursued a cyclical approach to deal activity. Exploration and appraisal (E&A) activity has focused on assets acquired in 2010 in the US Gulf of Mexico and Egypt Western Desert. However in 2013, a new exploration leadership team re-focused on near-field exploration and unconventional resource plays. Apache has repositioned its portfolio to concentrate investment in advantaged, high returning, cash generative assets. It has built a sizeable position in the Permian, Mid-Continent and Gulf Coast basins and these provide a large drilling inventory. Overall, Alpine High and Midland Basin will remain top investment priorities.

Table of contents

  • Executive summary
    • Upstream strategy
    • Exploration outlook
    • Other Apache research
      • SWOT Grid
    • Evolution of exploration strategy
  • Investment and costs
    • Well data
  • Reserves and resources
    • Production from new field discoveries and unconventionals, and as a proportion of all future production
    • Acquire, exploit, explore strategy boosts exploration performance metrics
    • Egypt has been a key exploration province
    • Growth then retrenchment from LNG and Australia
    • Higher-impact strategy saw an increase in costs and limited commercial success
    • Permian Alpine High investment soars

Tables and charts

This report includes 24 images and tables including:

  • Executive summary: Image 1
  • Ten year performance summary
  • Exploration & appraisal spend and reinvestment
  • Exploration & appraisal spend by water depth
  • Exploration & appraisal spend by basin maturity
  • Discovery costs by water depth
  • Top 40 discoveries (2008 to 2017)
  • Key organic unconventional plays
  • Volumes discovered by year
  • Volumes discovered by water depth
  • Volumes discovered by country
  • Volumes discovered by basin
  • Full-cycle economics
  • Net active exploration acreage by water depth
  • Net active exploration acreage by country
  • Gross exploration & appraisal wells by basin and sector
  • Exploration wells drilled and spend per well
  • Exploration success rates
  • Production: Image 1
  • Full cycle value creation by year, with uncons
  • Exploration returns by year, with uncons
  • Costs and development value by resource category
  • Exploration returns by water depth
  • Strategy: Table 1

What's included

This report contains:

  • Document

    Apache oil and gas exploration summary

    PDF 1.16 MB