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Stock impact report

Apache Corporation and Total S.A. Announce 50-50 Joint Venture in Block 58 Offshore Suriname; Total to Become Future Operator

APA Corporation (APA) 
Last apa corporation earnings: 2/26 05:26 pm Check Earnings Report
Company Research Source: GlobeNewswire
HOUSTON, Dec. 22, 2019 (GLOBE NEWSWIRE) -- Apache Corporation (NYSE, Nasdaq: APA) and Total S.A. (NYSE: TOT) today announced a joint venture agreement to explore and develop Block 58 offshore Suriname.  Under the terms of the agreement, Apache and Total will each hold a 50 percent working interest in Block 58, which comprises approximately 1.4 million acres in water depths ranging from less than 100 meters to more than 2,100 meters. Apache will operate the first three exploration wells in the block, including the Maka Central-1 well, and subsequently transfer operatorship to Total.  In exchange for a 50-percent working interest, Apache will receive various forms of consideration, including: $5 billion of cash carry on Apache’s first $7.5 billion of appraisal and development capital;  25% cash carry on all of Apache’s appraisal and development capital beyond the first $7.5 billion; various cash payments in conjunction with closing of the joint venture agreement and future productio Show less Read more
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