Apache seeks go-ahead for development of Corona

Apache Corporation has asked the UK Government to sanction its Corona field development in the North Sea.

US- headquartered Apache said the Corona project would involve drilling operations, the installation of a subsea manifold and a tie-back to the Beryl Alpha platform.

The company hopes to start offshore construction later this year, with first oil slated for 2019. Corona is located 172 miles east of Shetland in the Beryl area. Apache announced the discovery of Corona in October 2015, alongside the Callater and Seagull finds.

At the time, the company said the three finds contained net recoverable reserves of 50-70million barrels of oil equivalent. It has sent an environmental statement for Corona to the Department for Business, Energy and Industrial Strategy.

Callater is expected to start producing in the third quarter of 2017.

Tullow Oil lost nearly 15% of its market value yesterday after it said it aimed to raise £ 607million through the sale of more than 450million new shares. Tullow, which has interests in more than 100 exploration and production licences spanning 18 countries, added its planned rights issue was subject to shareholder approval and would be fully underwritten by Barclays Bank.

The UK, Ireland and Ghana-listed company’s shares fell by 14.75% to 202.3p in London. Shares in UK onshore explorer IGas were down slightly on plans to reduce debt.