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Bloomberg quoted Tim Wall – the managing director of Apache’s Australian unit – as saying the US energy giant would increase capital investment in drilling and exploration to $1 billion in 2008, up from $300 million.
The company counts Australia among its three core growth regions, along with Canada and Egypt.
Apache has stakes in the $US1.7 billion Pyrenees and the $US500 million Van Gogh oil projects, and in the Reindeer gas project.
The company also recently announced its Julimar discovery could hold 1 trillion cubic feet of gas.
Bloomberg reported that Apache was widening exploration in Australia to drill larger and deeper targets.
This year, it will drill more wells near the Julimar field, while in 2008 drilling is planned in the Gippsland Basin, where it is the largest holder of exploration acreage.
