Apache exits Australia with $2.1bn asset sale
PERTH (miningweekly.com) – International oil major Apache Corporation has taken the decision to divest of its Australian subsidiary Apache Energy in a deal valued at $2.1-billion.
The transaction with a consortium of private equity funds signalled the exit of Apache from its Australian exploration and production business, which averaged a production of around 49 000 bbl/d of oil equivalent, during the month of March.
"Today's announcement represents a notable step in Apache's strategic portfolio repositioning. Over the last five years, we have transitioned Apache's primary growth engine to North America onshore through the announcement or completion of approximately $17-billion of asset purchases and $17-billion of asset sales,” said Apache CEO and president John Christmann.
Apache’s exit of the Australian business followed from the December $2.75-billion sale of its 13% share in the Wheatstone liquefied natural gas (LNG) project, its Balnaves oil interest, and its Kitimat LNG project, in Canada, to ASX-listed Woodside.
“Following the sale of our Australian assets, approximately 70% of Apache's production will come from North America onshore. Our robust North American position is complemented by our North Sea and Egyptian regions, which have an extensive inventory of prospects and assets that generate free cash flow," said Christmann.
Apache would retain its 49% interest in fertiliser producer Yara Pilbara Holdings.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation