December 23, 2019 / 1:08 AM / a month ago

Apache, Total form venture to explore Block 58 in offshore Suriname

Dec 22 (Reuters) - U.S. oil and gas producer Apache Corp said on Sunday it entered into a joint venture agreement with France’s Total S.A. to explore and develop an offshore block off Suriname.

Under the deal, Apache and Total will each hold a 50% working interest in Block 58.

Apache said it will receive $5 billion of cash carry on its first $7.5 billion of appraisal and development capital along with other considerations.

Apache will operate the first three exploration wells in the block, including the Maka Central-1 well, and subsequently transfer operatorship to Total. (Reporting by Maria Ponnezhath; Editing by Subhranshu Sahu)

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