Apache to buy BP assets in US, Canada, Egypt
US energy firm Apache said on Tuesday it had agreed to buy from British rival BP oil and gas assets in the United States, Canada and Egypt for seven billion dollars.
By Agencies |
NEW YORK: US energy firm Apache said on Tuesday it had agreed to buy from British rival BP oil and gas assets in the United States, Canada and Egypt for seven billion dollars.
Apache said in a statement it had agreed to acquire all of BP's oil and gas operations, acreage and infrastructure in the Permian Basin of West Texas and New Mexico and in Egypt's Western Desert.
The transaction will also include "substantially all" all of BP's upstream natural gas business in western Alberta and British Columbia in Canada, said the Houston, Texas-based company.
"Apache will pay seven billion dollars for the assets, which include estimated proved reserves of 385 million barrels of oil equivalent," it said, referring to a unit of energy based on the amount of energy released by burning one tonne of oil.
Apache said in a statement it had agreed to acquire all of BP's oil and gas operations, acreage and infrastructure in the Permian Basin of West Texas and New Mexico and in Egypt's Western Desert.
The transaction will also include "substantially all" all of BP's upstream natural gas business in western Alberta and British Columbia in Canada, said the Houston, Texas-based company.
"Apache will pay seven billion dollars for the assets, which include estimated proved reserves of 385 million barrels of oil equivalent," it said, referring to a unit of energy based on the amount of energy released by burning one tonne of oil.
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