Apache Says Talks Advancing on Floating LNG Site Between Guyana, Suriname

Apache Corp., confident in its oil discovery with TotalEnergies SE off Suriname’s coast, is pursuing further discussions for a floating liquefied natural gas site in cooperation with neighboring Guyana, an Apache executive told analysts and investors.

(Bloomberg) — Apache Corp., confident in its oil discovery with TotalEnergies SE off Suriname’s coast, is pursuing further discussions for a floating liquefied natural gas site in cooperation with neighboring Guyana, an Apache executive told analysts and investors.

Natural gas is a byproduct of oil production that companies handle in a variety of ways. Apache plans in the medium term to reinject the gas under the surface off the South American nation, Apache Vice President Gary Clark said Monday at the Enercom conference in Denver, according to Roth MKM analyst Leo Mariani. In the long term, Apache could seek to export it through an LNG terminal. 

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Output from Guyana, the world’s fastest-growing economy thanks to massive offshore oil reserves found by Exxon Mobil Corp., already is surpassing expectations and should produce more than 1 million barrels per day by 2027. 

In Suriname, no oil has been produced yet but Apache executives said recently they are pausing drilling for the remainder of 2023 to appraise the company’s recent work at an area that could have more oil than previously thought.

 

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