Oil producer Apache Corp and its joint venture partner Total SA said on Thursday that they made their second significant oil discovery of the year in a closely watched area off the coast of South America’s Suriname.
Shares of Apache were trading more than 12% higher after surging nearly 21% at market open, on a day when oil stocks were generally stronger due to a recovery in global crude prices.
The discovery comes at a time when shale oil producers in North America are grappling with the worst oil price shock in decades, which has led several companies, including Apache, to cut spending for the year and slash dividends.
