Apache Corp. has high hopes for a new oil field in West Texas,reports The Wall Street Journal.
The energy giant announced last week that the overlooked “Alpine High” region potentially holds the equivalent of at least two billion barrels of oil. “Alpine High,” is an area near the Davis Mountains in far west Texas.
The site was previously passed over by geologists, who believed it unsuitable for fracking. But two years ago Apache acquired the mineral rights and subsequently discovered its potential.
The company says the resources beneath Alpine High could conservatively be worth $8 billion. And the oil there could be worth as much as or even $80 billion. The site is about 20 times the size of Manhattan. Apache stock rose 13 percent after the news was announced.