Fieldwood closes on acquisition of gulf shelf assets

Fieldwood Energy LLC has closed its previously announced $3.75 billion acquisition of Gulf of Mexico shelf operations and properties from Apache Corp.

Apache kept a 50% stake in all exploration blocks and in horizons below production in developed blocks, where high-potential deep hydrocarbon plays are being tested (OGJ Online, July 18, 2013).

G. Steven Farris, Apache chairman and chief executive officer, said the transaction helps the company toward its goal of rebalancing Apache’s assets toward properties that can drive more predictable production growth, including onshore liquids assets in North America.

Apache also announced that it has completed the previously announced sale of oil and gas producing properties in the Nevis, North Grant Lands and South Grant Lands areas of western Alberta to Ember Resources Inc., a private Canadian company, for $214 million.

Including the Fieldwood and Ember transactions, the partnership with Sinopec and two additional agreements to sell oil and gas producing properties in western Canada, Apache has completed or announced more than $7 billion in asset sales year-to-date.

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