Apache North Sea has said it expects to invest more than £350million this year – despite reporting a drop in profits:
The Forties owner said its plans included another year of active drilling at the North Sea field.
The company, led by managing director Jim House, invested £521million during 2012, resulting in 12 productive development wells at Forties, including two productive wells in the Forties area.
Financial reports just published by Companies House revealed the company had turnover of £2billion last year, roughly the same as 2011. Pre-tax profits were £484million in 2012, down from £545million the previous year.
Apache now employs 350 people in the north-east.
In its financial reports, however, the company said there were still risks and uncertainties associated with operating in the North Sea.
Apache said the harsh operating conditions in the region, including smaller fields and rising labour costs, meant it was becoming more difficult to transform discovery opportunities into viable commercial developments.
http://www.energyvoice.com/2013/10/forties-owner-planning-another-year-drilling-despite-profits-fall/
