Apache Corp. has agreed to sell its Australian subsidiary, Apache Energy Limited, to a consortium of private equity funds managed by Macquarie Capital Group Ltd and Brookfield Asset Management Inc., for US$2.1 billion.
The transaction is expected to close mid-year 2015 and is subject to necessary approvals and customary post-closing adjustments. The effective date of the sale is 1 October 2014.
Apache Energy Ltd’s assets averaged production of approximately 49 000 boepd in March 2015. With the announcement of this sale, Apache is fully exiting its exploration and production business in Australia, however will retain its 49% ownership interest in Yara Pilbara Holdings Pty Ltd.
On 2 April 2015, Apache announced the completion of sale of its Wheatstone LNG project and related oil and natural gas properties to Woodside Petroleum Ltd for US$2.8 billion.
John J. Christmann, IV, CEO and President, commented: "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 US$17 billion of asset purchases and US$17 billion of asset sales. 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.”
Adapted from press release by Katie Woodward
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/09042015/apache-sells-australian-subsidiary-561/