Apache Corp. and Cook Inlet Region Inc., or CIRI, have announced an agreement that allows Apache to explore for oil and gas on CIRI land in the Cook Inlet basin. CIRI is the Alaska Native regional corporation for the Cook Inlet region.
Houston-based independent Apache has been pursuing an aggressive exploration program in the Cook Inlet basin since starting to buy state leases in the basin in 2010. The company is in the process of conducting a major program of 3-D seismic surveys in the basin and plans to drill two exploration wells later this year. The new agreement, announced in an Aug. 6 notice on the Apache website, increases the extent of land accessible to the company.
“Cook Inlet is a proven basin with material oil potential,” said John Hendrix, general manager of Apache Alaska Corp., in the Aug. 6 release. “We believe there is substantial oil yet to be discovered, and new 3-D seismic will be the key to unlocking the basin’s potential. We are looking forward to working with CIRI to develop this important resource in a safe and environmentally responsible manner.”
“CIRI welcomes Apache’s significant commitment to explore its lands for commercial oil and gas resources,” said CIRI President and Chief Executive Officer Margie Brown. “We have confidence that Apache has the capacity, expertise and drive necessary to thrive in a basin like the Cook Inlet. We look forward to working with Apache in the responsible development of our resources.”
Apache is using state-of-the-art, nodal seismic technology for its 3-D seismic program, being conducted onshore and offshore the Cook Inlet, on both sides of the inlet. By avoiding the need to lay cabling, the technology does not require the cutting of seismic trails through land vegetation while, offshore, seismic recording nodes can be laid directly on the seafloor rather than having to tow hydrophones behind a seismic vessel.
