APACHE CP : Apache Joins Marine Well Containment Company
03/16/2011| 02:05pm US/Eastern
HOUSTON, March 16, 2011 /PRNewswire/ -- Apache Corporation (NYSE, Nasdaq: APA) today announced that its subsidiary, Apache Deepwater LLC, has agreed to join Marine Well Containment Company (MWCC), a not-for-profit, independent organization committed to being continuously ready to respond to a well control incident in the deepwater Gulf of Mexico.
"Apache is committed to safe and responsible operations," said G. Steven Farris, chairman and chief executive officer. "As we resume drilling operations in the deepwater Gulf of Mexico, we recognize we must be vigilant in managing risks properly. We also recognize that it is essential to have the capability to respond rapidly to a subsea well control incident even as we expect the equipment will never be used.
"We are pleased to join the founders of MWCC in developing a system that greatly improves the industry's response capabilities," Farris said.
Other MWCC members are ExxonMobil, Chevron, ConocoPhillips, Shell and BP.
"We are happy to have Apache as a member of the Marine Well Containment Company. It is an active Gulf of Mexico operator and a key participant in offshore deepwater development," said Marty Massey, MWCC chief executive officer. "We have been working with Gulf of Mexico operators since last year to inform potential members about MWCC. The membership formation period started in the middle of February. Each member will have equal ownership, as well as share in the development and operating costs."
In the event of an incident, MWCC will support equipment mobilization. An interim containment system is ready for deployment with the capacity to contain up to 60,000 barrels per day of fluid in up to 8,000 feet of water. Work is also underway on an expanded containment system for delivery in 2012 to handle up to 100,000 barrels per day of fluid in up to 10,000 feet of water.
Apache Corporation is an independent oil and gas exploration and production company with operations in the United States, Canada, Egypt, the United Kingdom North Sea, Australia and Argentina. Apache posts announcements, updates and investor information, in addition to copies of all recent press releases, on its website www.apachecorp.com.
More information about the U.S. Gulf of Mexico Marine Well Containment System is available at http://www.marinewellcontainment.com.
This news release contains certain "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 including, without limitation, expectations, beliefs, plans and objectives regarding development, production and exploration activities. Any matters that are not historical facts are forward-looking and, accordingly, involve estimates, assumptions, risks and uncertainties, including, without limitation, risks, uncertainties and other factors discussed in our most recently filed Annual Report on Form 10-K, on our website and in our other public filings and press releases. There is no assurance that Apache's expectations will be realized, and actual results may differ materially from those expressed in the forward-looking statements. We assume no duty to update these statements as of any future date.
SOURCE Apache Corporation