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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Apache Corporation    APA

APACHE CORPORATION

(APA)
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Suriname's Staatsolie weighs farm-in to Total, Apache block after discovery

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08/02/2020 | 07:33pm EDT

Suriname's state-owned oil company Staatsolie is considering farming in to an offshore oil block where Apache Corp and France's Total SA have announced a third major discovery, an executive said on Sunday.

Staatsolie has the right to a stake of up to 20% in the 1.4 million acre Block 58, where Apache and Total last week announced the find at the Kwaskwasi-1 well. The stake would cost the company $1-$1.5 billion to acquire given total development costs of $6-$7 billion, acting general manager Agnes Moensi-Sokowikromo told reporters.

She said that while the company is keen to participate, now may not be the best time to begin raising funds given recent downgrades to Suriname's credit ratings.

"We have to make sure that the funding is in order and that we are ready, and for that we need the state because we can't do it alone," Moensi-Sokowikromo said at a press conference.

Suriname's economy collapsed under former strongman Desi Bouterse, who left office last month after former Justice Minister Chan Santokhi beat him in a June election.

Discoveries this year have raised hopes that oil could boost the economy of Suriname, a former Dutch colony of 575,000 people. Optimism has surged since a consortium led by Exxon Mobil Corp discovered vast amounts of oil in neighboring Guyana, where crude production began last December.

Santokhi told the press conference the government expected to receive between 60%-70% of total oil revenues once production began, which the state plans to deposit into a "savings and stabilization fund."

"We have to make sure there are regulations that ensure the oil and the income from the oil will be used for sustainable development," Santokhi said.

By Ank Kuipers

Stocks mentioned in the article
ChangeLast1st jan.
APACHE CORPORATION -9.63% 9.85 Delayed Quote.-61.51%
EXXON MOBIL CORPORATION 0.93% 34.64 Delayed Quote.-50.36%
LONDON BRENT OIL 0.12% 41.78 Delayed Quote.-36.77%
TOTAL SE -1.08% 28.06 Real-time Quote.-42.97%
WTI -0.42% 40.091 Delayed Quote.-34.31%
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Financials (USD)
Sales 2020 3 939 M - -
Net income 2020 -5 078 M - -
Net Debt 2020 8 487 M - -
P/E ratio 2020 -0,74x
Yield 2020 1,02%
Capitalization 3 718 M 3 718 M -
EV / Sales 2020 3,10x
EV / Sales 2021 2,71x
Nbr of Employees 3 163
Free-Float 90,0%
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Mean consensus OUTPERFORM
Number of Analysts 30
Average target price 16,95 $
Last Close Price 9,85 $
Spread / Highest target 164%
Spread / Average Target 72,1%
Spread / Lowest Target 11,7%
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Managers
NameTitle
John J. Christmann President, Chief Executive Officer & Director
John E. Lowe Independent Non-Executive Chairman
David Clay Bretches Principal Operating Officer & EVP-Operations
Stephen J. Riney Chief Financial Officer & Executive Vice President
Travis R. Osborne Vice President-Information Technology
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