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March 03, 2016 --- Vol. 22, No. 12March 2016

Apache suspends Alaska activities

At this morning's Majority press availability in Juneau, House Speaker Mike Chenault, R-Nikiski, said that Apache is exiting Alaska.

This was confirmed by an Apache spokesperson, who said in an email:

"Due to the current downturn, Apache has had to significantly scale back operations and spending. We recently reduced our spending plans for 2016 by 60 percent from 2015 levels and are focusing our limited dollars on specific international opportunities and strategic testing in North America.

"Operations we are suspending as a result of the downturn include our Alaskan activities."

Apache has been working in Cook Inlet since mid-2010 when it acquired extensive area acreage. A current Division of Oil and Gas report shows that the company holds 460,084 acres, 142,615 on land and 317,469 offshore.

- KRISTEN NELSON

See story in March 13 issue, available Friday, March 11 at www.PetroleumNews.com

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