APA Apache Corporation

PERTH, Australia--U.S. energy company Apache Corp. (APA) said it has discovered a new oil field offshore Western Australia state, which may hold as much as 300 million barrels of crude.

The Phoenix South-1 well, drilled 180 kilometers north of Port Hedland in 133 meters of water, is the company's first oil discovery in Australia's offshore Canning Basin.

Apache is the operator of the WA-435-P block where the discovery was made, and owns a 40% stake in the license and the adjacent WA-437-P permit.

-Write to Stephen Bell at stephen.bell@wsj.com

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