Apache sees growth in North Sea assets

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HOUSTON, Aug. 3 (UPI) -- An increase in the output from oil fields in the British waters of the North Sea is expected to boost 2012 production growth, Apache Corp. declared.

Apache, which has headquarters in Houston, said a well in the Bacchus field in the North Sea increased production rate to 12,900 barrels of oil per day. Apache's first well in the field produced 6,000 bpd in May but has since slowed to 4,400 bpd.

Rodney Eichler, president and chief operating officer at Apache, said North Sea production would "make a significant contribution to Apache's second half 2012 production growth."

The company reported net income for the second quarter was down 73 percent to $337 million compared with last year in large part because of lower natural gas prices. A boom in the United States is suppressing natural gas prices.

The company, however, said an accelerated global drilling program meant it reached a record second quarter production of 774,000 barrels of oil equivalent per day.

"The impact of our accelerated drilling program is beginning to take hold," Chief Executive Officer G. Steven Farris said in a statement. "Apache is gaining momentum, and we project rising production throughout the second half."