BP has sold oil and gas properties in the United States, Egypt and Canada to Houston-based
Apache Corp. for $7 billion as part of the oil giant's effort to raise cash to the $20 billion BP has pledged to put in an escrow fund to cover claims resulting from the spill. The deal includes oil and gas reserves in Texas and southeastern New Mexico, natural gas reserves in western Canada, and the Western Desert business concessions and East Badr El-din exploration concession in Egypt.
Apache will acquire the equivalent of 385 million barrels of oil reserves, which is about 2 percent of BP's proven reserves. The properties currently produce 28,000 barrels of oil and 331 million cubic feet of gas a day. The purchase price includes $3.1 billion for 10 areas in West Texas's Permian Basin, an oil and gas region where Apache already has substantial production. The package also includes $3.25 billion for gas and unconventional gas properties in western Canada. The rest covers concessions for exploration and some infrastructure in Egypt. (
Wash Post, 7/21/2010)
BP has sold oil and gas properties in the United States, Egypt and Canada to Houston-based Apache Corp. for $7 billion as part of the oil giant's effort to raise cash to the $20 billion BP has pledged to put in an escrow fund to cover claims resulting from the spill. The deal includes oil and gas reserves in Texas and southeastern New Mexico, natural gas reserves in western Canada, and the Western Desert business concessions and East Badr El-din exploration concession in Egypt.
Apache will acquire the equivalent of 385 million barrels of oil reserves, which is about 2 percent of BP's proven reserves. The properties currently produce 28,000 barrels of oil and 331 million cubic feet of gas a day. The purchase price includes $3.1 billion for 10 areas in West Texas's Permian Basin, an oil and gas region where Apache already has substantial production. The package also includes $3.25 billion for gas and unconventional gas properties in western Canada. The rest covers concessions for exploration and some infrastructure in Egypt. (Wash Post, 7/21/2010)
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