Houston-based Apache has denied reports that it is planning to exit its oil holdings in the UK North Sea.
The company said Monday it is not coordinating a major sell off of its UK holdings or planning to sell significant stakes in its North Sea assets.
A report published last week by the UK Times claimed that Apache was preparing to exit its oilfield holdings in the UK North Sea.
Apache said its exit would “leave a great hole in the North Sea,” an area that the company has heavily invested in since it began operating there in 2003.
“There is no intention to leave the North Sea any time soon,” Apache said.
Apache pointed to its recent move of 450 North Sea employees to new offices in Aberdeen, Scotland where it holds a 15 year lease as proof that it plans to stay in the area.
The company is currently the third largest oil producer in the North Sea.
Apache holds a 97 percent stake in the Forties field.
The company also holds operated stakes in the Beryl, Nevis, Nevis South, Skene, and Buckland fields and non-operated stakes in the Maclure, Scott, and Telford fields.
Apache currently has interests in approximately 1.2 million gross acres in the UK North Sea.
The company produced 72,118 barrels of oil equivalent per day from its North Sea assets in the second quarter of 2014, up seven percent over the first quarter.