Apache makes large oil discovery off Western Australia

|About: Apache Corporation (APA)|By:, SA News Editor

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.