Apache to sell Canadian oil, gas assets for $112 million

Apache Corp. has agreed to sell certain oil and natural gas producing properties in Canada in two separate transactions for a combined total of $112 million.

Apache has agreed to sell its Hatton, St. Lina, Marten Hills, Snipe Lake, Valhalla, and a portion of its Hawkeye producing properties. These are primarily dry gas developments in Saskatchewan and Alberta and comprise 4,000 operated and 1,300 nonoperated wells that averaged production of 38 MMcfd of gas and 750 bbl of oil, condensate, and natural gas liquids, net to Apache, during this year’s second quarter.

The St. Lina and Marten Hills properties were the subject of arbitration proceedings in 2011 when Apache disputed the prices of Canadian assets bought from BP Canada as part of a $7 billion transaction. “Apache alleges that in the future various of the sites that it acquired from BP Canada Energy pursuant to the parties’ July 2010 purchase and sale agreement will have to have work carried out to bring the sites into compliance with applicable Alberta environmental laws,” BP said at the time the proceedings were initiated (OGJ Online, March 4, 2011).

Last month Apache sold its Nevis, North Grant Lands, and South Grant Lands assets, which also are in Alberta, to Ember Resources Inc. for $214 million (OGJ Online, Aug. 15, 2013). In addition, it sold 33% of its Egypt operations to Sinopec International Petroleum Exploration & Production Corp for $3.1 billion (OGJ Online, Aug. 30, 2013).

Including transactions involving company properties and assets in Canada, the Gulf of Mexico and Egypt, Apache has announced divestments totaling nearly $7.2 billion.

Related Articles

MARKET WATCH: Crude oil futures end trading session higher in New York

08/29/2014

Crude oil futures prices trended upwards Aug. 28, ending the day’s trading session higher, while the ICE contract for Brent retreated.

EIA: US sees lowest pre-Labor Day gasoline prices in 4 years

08/29/2014 US retail prices for regular gasoline averaged $3.45/gal on Aug. 25, which was lowest price on a Monday preceding the Labor Day holiday in the US s...

India’s ONGC to invest in Daman development in Arabian Sea

08/29/2014 India’s Oil & Natural Gas Corp. will invest $864.5 million to enhance natural gas and condensate production from its Tapti Daman block in the A...

Nexen boosts CNOOC’s first-half production

08/29/2014 Nexen Energy ULC contributed 36.3 million boe during this year’s first half to CNOOC Ltd.’s total net oil and gas production of 211.6 million boe, ...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected