A big oil field is uncovered in Texas by Apache

In the West of Texas, a site harboring possibly billions worth of shale oil has recently been discovered by oil company Apache (APA). Over the past two years the company had been busy acquiring the land and conducting intensive reasearch concerning the geology of the area. The site, named 'Alipine High' is said to be worth more than $8 billion as the company has discovered around 2000 wells in which to drill worth $4 million and $20 million. Apache estimates that the new discovery may exted over 5 formations and could produce over 3 billion barrels of oil as well as natural gas of 75 trillion cubic feet. Since the announcement, Apache's stock increased by 10%. The company has begun drilling 19 wells with 9 only producing a small amount of oil as a result of limited infastructure. Currently prices for both oil and gas are remaining low.

 

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