Apache Corp., confident of its oil discovery with TotalEnergies SE off the coast of Suriname, is pursuing new discussions for a floating liquefied natural gas site in cooperation with neighboring Guyana, an Apache executive told analysts and investors
Natural gas is a by-product of oil production that companies manage in different ways. Apache plans in the medium term to reinject gas under the South American nation’s surface, 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 try to export it through an LNG terminal.
Production in Guyana, the world’s fastest-growing economy thanks to massive offshore oil reserves found by Exxon Mobil Corp., is already beating expectations and should produce more than 1 million barrels a day by 2027.
In Suriname, no oil has yet been produced, but Apache executives recently said they are pausing drilling for the rest of 2023 to evaluate the company’s recent work in an area that may hold more oil than previously thought. .
