Apache Sells S. LA and Anadarko Properties | Russell T. Rudy Energy LLC
In February of this year, Apache announced it would sell its interests in Argentina. In May, the company indicated its intention to divest its share of two development projects and 11 deep water blocks in the Gulf of Mexico. In June, it announced the disposition of assets in Western Canada, and a month later its interest in two Liquefied Natural Gas projects in Canada and Australia. “Rigzone” now reports that this effort to liquidate non-core assets in order to focus on North American liquids production continues.
Now Apache is selling non-core assets in South Louisiana and the Anadarko Basin. The two transactions will net about $1.4 billion. The sale includes 90,000 acres of mature fields in South Louisiana with high decline rates and short reserve lives. These properties are currently producing approximately 21,000 barrels of oil equivalent per day (boepd), about 62% of which is gas.
Apache is also selling approximately 115,000 net acres in the Stiles Ranch field in Wheeler County, Texas, and the Mocane-Laverne and Verdan fields in Western Oklahoma. These assets are currenly producing about 26,000 boepd, 83% of which is gas.
Apache will use the proceeds from these sales to fund its current leasehold acquisition program in its focus areas. The company has already added more than 300,000 acres this year in the Eagle Ford and Canyon Lime plays.
To read the article in its entirety, please go to www.rigzone.com/news/article.asp?hpf=1&a_id=136014&utm .
