Apache Develops New Field

Apache Corporation announced plans to develop a new field in Texas. Alpine High field encompasses over 300,000 acres in Reeves County, in west Texas. Apache has raised its capital budget from $1.8 to $2 billion for the year and will spend a quarter of the amount on developing the newly discovered field. Alpine High holds an “estimated 75 trillion cubic feet of gas and 3 billion barrels of oil.” Apache Chief Executive, John Christmann said, "We are incredibly excited about the Alpine High play and its large inventory of repeatable, high-value drilling opportunities.” Apache has drilled 19 wells so far in Alpine High, and nine are in production.