Apache to Sell 50% Interest in Suriname Offshore Block 58 to Total

Updated 1 year 5 months ago

Apache announced a joint venture agreement with Total to explore and develop Block 58 offshore Suriname in December 2019. Apache will sell a 50% interest to Total in exchange for $5 billion of cash carry on Apache's first $7.5 billion of appraisal and development capital, 25% cash carry on all of Apache's appraisal and development capital beyond $7.5 billion; various cash payments with closing of the JV and future production from projects; and 50% reimbursement of costs incurred to date in Block 58. Apache will operate the first three exploration wells before transferring operatorship to Total. The block includes 1.4 million acres in water depths ranging from less than 100 meters to more than 2,100 meters.