Apache (NYSE:APA) has been approved by the UK government to develop the Bacchus oil field in the North Sea, according to a statement made by the Department of Energy and Climate Change.
"Bacchus, along with our Maule discovery, are examples of fields that can be developed economically, utilizing existing infrastructure at Apache's Forties Field," said James L. House, managing director of Apache North Sea.
There is a renewed interest in developing North Sea projects, as demand for oil continues to soar.
The latest licensing round has 356 blocks applied for, the most since licensing was first started in 1964.
There are about 18 million barrels of oil equivalent in the Bacchus field, which Apache has a partnership with Shell U.K., which owns 20 percent, and Endeavour Energy, which owns 10 percent. Apache owns the remaining 70 percent.
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