Is anyone paying attention to the multi billion dollar APA P&A liability looming in "Fieldwood 1" which is being operated by the same company who filed bankruptcy twice in 2 years and now calls themselves QuarterNorth Energy?
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Legal is involved because they wrote the agreement in the sale to FW that governs the decom of properties. The properties are Apache's....boomerang returned. Read all about it on Prime Clerk website.
JG is the "Sole Manager" of Fieldwood 1 which is an entity holding the Apache GOM Shelf legacy assets and offices in QuarterNorth's office on the beltway (old Apache and Fieldwood office)
Legal has been for years, mostly because the department head and his henchmen don’t want to be exposed for not knowing how to keep the liabilities from boomeranging back.
The former NS VP (JG) represents APA/GOM but not sure about where he offices or what he actually does.
Is anyone on Post Oak involved in this?
It's all true. It's not "if" it's "when". APA just inherited, at a minimum, a billion dollar liability. Yall the Fieldwood GoM assets are a hot mess. It's like your hillbilly cousin kissing yo momma. It ain't right, no matter how you dress it up.