Energy Industry
Industry: Email Alert RSS FeedApache announces asset acquisitions in Argentina and U.S. Gulf
Pipeline & Gas Journal, June, 2006
The Apache Corporation recently announced acquisitions in the U.S. and Argentina. In Argentina, the company plans to expand its presence through the negotiated acquisition of Pioneer Natural Resources' oil and gas operations. The total purchase price for the assets is $675 million, a significant portion of which is made up of non-operated properties that are subject to preferential rights to purchase by existing owners.
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Apache finalized an agreement to buy BP's remaining producing properties on the OCS of the Gulf of Mexico. Apache will pay $1.3 billion in cash to acquire 18 producing fields (11 of which are operated) covering 92 blocks with estimated proved reserves of 27 million barrels of liquid hydrocarbons and 185 Bcf of natural gas. Apache has identified 50 drilling locations on the properties and an additional 4 million barrels of liquids and 26 Bcf of natural gas in probable and possible reserves. Some of the fields are subject to exercise of preferential rights to purchase by other interest owners.
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