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Apache oil and gas exploration summary

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30 September 2019

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. 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. Its refocus on unconventionals was rewarded in 2016, when it announced the discovery of the Alpine High in the Permian Basin. The conventional side of the business will receive less investment though the company will continue to drill near-field exploration wells on its high-returning acreage.

Table of contents

  • Upstream strategy
    • SWOT Grid
  • Evolution of exploration strategy
  • Well data
  • 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 21 images and tables including:

  • Net active exploration acreage by water depth
  • Net active exploration acreage by country
  • Exploration & appraisal spend and reinvestment
  • Exploration & appraisal spend by water depth
  • Exploration & appraisal spend by basin maturity
  • Discovery costs by water depth
  • Gross exploration & appraisal wells by basin and sector
  • Exploration wells drilled and spend per well
  • Exploration success rates
  • 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
  • Production from new field discoveries and unconventionals, and as a proportion of all future production
  • Full-cycle economics
  • 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

What's included

This report contains:

  • Document

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    XLSX 327.69 KB

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