YPF SA has agreed to acquire all of Apache Corp.’s Argentina operations for $800 million plus the assumption of $52 million of bank debt as of June 30, 2013.
YPF paid a $50 million deposit in the transaction, which is expected to be completed in the next 30 days.
Apache at yearend 2013 had reserves in Argentina of 540 bcf of natural gas equivalent. Apache’s 2013 production from Argentina averaged 256 Mcfed.
The transaction complements Apache’s realization of more than $7 billion of cash proceeds from asset sales in the last two quarters. The company in May 2013 disclosed plans to sell properties worth $4 billion by yearend (OGJ Online, May 9, 2013).
Apache in July sold its Gulf of Mexico shelf business consisting of more than 500 blocks and 1.9 million net acres to Fieldwood Energy LLC for $3.75 billion (OGJ Online, July 18, 2013).
The following month, the company sold its oil and gas producing properties in the Nevis, North Grant Lands, and South Grant Lands areas of western Alberta to Ember Resources Inc. for $214 million (OGJ Online, Aug. 15, 2013), as well as 33% minority participation in its Egypt oil and gas business to China’s Sinopec for $3.1 billion (OGJ Online, Aug. 30, 2013).
Apache in September agreed to sell certain oil and natural gas producing properties in Canada in two separate deals for a combined total of $112 million (OGJ Online, Sept. 18, 2013).