APA Corporation and TotalEnergies Announce Oil Project of 200,000 b/d in Block 58 and Launch Development Studies with the Objective of Sanctioning the Project by Year-end 2024

HOUSTON, Sept. 13, 2023 (GLOBE NEWSWIRE) — APA Corporation (Nasdaq: APA) and TotalEnergies have announced the launching of development studies for a large oil project in Block 58, offshore Suriname. TotalEnergies is the operator of Block 58, with a 50% interest, alongside APA (50%).

Successful appraisal of the two main oil discoveries, with the drilling and testing of two wells at Sapakara South and three wells at Krabdagu, confirmed combined recoverable resources of approximately 700 million barrels of oil for the two fields. These fields, located in water depths between 100 and 1,000 meters, will be produced through a system of subsea wells connected to a Floating Production, Storage and Offloading unit (FPSO) located 150 km off the Suriname coast, with an oil production capacity of 200,000 barrels per day. The detailed engineering studies (FEED) will start by year-end 2023 and the Final Investment Decision (FID) is expected by year-end 2024 with a first production target in 2028.

About APA

APA Corporation owns consolidated subsidiaries that explore for and produce oil and natural gas in the United States, Egypt and the United Kingdom and that explore for oil and natural gas offshore Suriname and in the Dominican Republic. APA posts announcements, operational updates, investor information and press releases on its website, www.apacorp.com. Additional details regarding Suriname, ESG performance and other investor-related topics are posted at investor.apacorp.com.

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