Apache Oil Deposit Discovery: Largest In Australia For The Past 3 Decades


A new oil province may be emerging in the country as US oil company Apache discovered oil in the North West coast. Apache’s Phoenix South-1 well was targeting gas when it dug up an oil deposit that can potentially produce 300 million barrels of oil. Apache’s International Chief Operating Officer Thomas Voytovich said that drilling is already at its early stages and that the success of Phoenix South may make it the new oil province in the country. The discovery in the offshore part of Canning Basin in Western Australia opens up numerous questions regarding oil extraction, transportation and costs. [...]