Apache to acquire Devon's Gulf of Mexico assets for $1.05 billion
13 Apr 2010
Independent US oil and gas company Apache Corporation said yesterday that it would acquire Devon Energy Corporation's oil and gas assets on the Gulf of Mexico Shelf for $1.05 billion.
Including the sale of its Gulf of Mexico Shelf assets to Apache yesterday, Devon has sold assets worth $9.35 billion in the last four months.
Apache, based in Houston, has estimated net proved and probable reserves of 83 million barrels of oil equivalent at year-end 2009.
Apache in a statement, the properties to be acquired are projected to produce 9,500 barrels of liquid hydrocarbons and 55 million cubic feet of gas per day (net) after closing, the same balance of liquids and natural gas in Apache's current worldwide production.
Apache is the largest held-by-production acreage owner and the second-largest producer in Gulf waters less than 1,200 feet deep. The acquired assets comprise 477,000 net acres across 158 blocks. The fields have 80 platforms and 211 production caissons in waters to 450 feet deep.
On completion of the transaction, expected in early June, the Gulf Shelf's share of Apache's estimated worldwide production will be slightly less than 20 per cent.
