Apache to start production at new Australian oil field by end of Q2

Apache (APA +1.7%) says it expects to start production at a new oil field offshore northwest Australia by the end of Q2.

APA has leased FPSO unit Armada Claire from Bumi Armada to produce light sweet crude from the Balnaves field.

Balnaves has a five-year field life, with production expected to peak at 30K bbl/day; APA operates the project with a 65% stake.

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