Big profits mean new investments for Apache

American oil and gas firm Apache has announced profits of $4.5 billion (£2.85bn) for 2011- up 50% from 2010. The company also says it increased production by 14% to 748,000 […]

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By Tom Gibson

American oil and gas firm Apache has announced profits of $4.5 billion (£2.85bn) for 2011- up 50% from 2010. The company also says it increased production by 14% to 748,000 barrels of oil equivalent (boe) per day.

In a company statement Apache said it now plans to spend $9.5 billion in drilling operations in 2012.

Steven Farris, chairman and chief executive officer said: “We are planning to drill up to 20-30% more wells in 2012 than in 2011, when we drilled approximately 1,100 wells. More than half of the wells planned in 2012 will be drilled in the Permian and Anadarko Basins to exploit stacked oil and liquids-rich pay opportunities in these prolific basins.”

The company last year acquired Exxon Mobil North Sea Limited and will have more operations this year in theNorth Sea.