Apache to sell 50 mmcf/d through Argentina program

Oil and gas company Apache Corp. on Monday said it secured new contracts to supply 50 million cubic feet of natural gas per day through Argentina's Gas Plus Program.

The company has agreed to supply natural gas from two fields in Argentina's Nequen and Rio Negro provinces at a price of $5 per million British thermal units beginning January 2011. However, the customer - an unnamed power plant operator - has indicated it may begin taking gas in mid-2010, Apache said.

To fulfill the contract, Apache said it plans to drill up to 12 wells in the Anticlinal Campamento field in the Nequen Basin to tap deep, unconventional natural gas reservoirs. The company will also drill up to 36 wells at the Estacion Fernandez Oro field in Rio Negro province.

Shares of Apache rose $2.89, or 3.2 percent, to $92.86.

[Source: Associated Press, Houston, 05Oct09]

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