Apache Part of an Emerging Trend?
According to a recent article in “Rigzone”, Apache Corp. plans to sell natural gas assets in Western Alberta and British Columbia for $374 billion in order to concentrate on more lucrative liquids production. This comes on the heels of Encana’s sale of gas assets for the same reason.
The Apache sale involves dry gas wells on 622,600 gross acres which produced approximately 101 million cubic feet of gas and 1,500 barrels of oil a day last year. While the name of the buyer was not disclosed, the deal is expected to close about the end of April.
Apache disclosed that this sale is part of a portfolio rebalancing effort which began last year in order to concentrate resources on growing production from an extensive inventory of crude and liquids-rich opportunities in North America. Apache has already sold assets in the Gulf of Mexico, Argentina and Egypt as part of this strategy. The company also plans to sell its interest in the Kitmat Liquefied Natural Gas export project in British Columbia.
To read the article in its entirety, please go to http://www.rigzone.com/news/oil_gas/a/132341/Apache.