HOUSTON -- Apache Corp. has arranged $350 million in financing for the Van Gogh and Pyrenees oil developments offshore Western Australia. The two projects are expected to add a total of 40,000 b/d to Apache's worldwide net oil production over the next 18 months.
Apache's Van Gogh development is expected to begin production in 2Q 2009 and add 20,000 b/d to Apache's net worldwide oil output. Apache is the operator and owns 52.5% of the development.
First oil production from the Pyrenees development is expected in early 2010. The project also is expected to add 20,000 b/d to Apache's net oil production. Pyrenees, which is operated by BHP Billiton, will develop reserves in two blocks; Apache has a 28.57% interest in license WA-12-R and a 31.5% interest in WA-155-P.