Seeking Alpha

Apache makes large oil discovery off Western Australia

  • Apache (NYSE:APA) has announced a discovery of as much as 300M barrels of crude at an exploration well off the shore of Western Australia.
  • If confirmed, the reserves would mark Australia's largest oil discovery in decades.
  • The country is in need of oil sources to replace fast diminishing reserves, and the discovery may reopen a frontier of oil exploration which was abandoned years ago after wells turned up dry.
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