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07 19, 2013 by The Advocate
Apache Corp. said it will sell its Gulf of Mexico shelf operations and properties to private equity firm Riverstone Holdings for $3.75 billion in cash.
The oil and gas exploration and production company says Riverstone’s Fieldwood Energy unit will assume the obligations for the eventual retiring of oil production for the properties. Apache estimates those obligations at $1.5 billion. It expects the deal to close Sept. 30.
Fieldwood Energy says the assets have 239 million barrels of oil equivalent in proved reserves. The companies will investigate deep exploration opportunities. Apache says production from shallower assets has become harder to achieve.
The company said earlier this year that it planned to divest $4 billion in assets and focus on newly acquired properties. Apache wants to reduce debt and repurchase shares.
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