Apache agrees sale of more Australian assets
Apache Corporation said it has reached an agreement to sell its Australian subsidiary Apache Energy Limited to a consortium of private equity funds managed by Macquarie Capital Group Limited and Brookfield Asset Management for cash payment of $2.1 billion.
The transaction is expected to close mid-year 2015 while the effective date of the sale is October 1, 2014, the company informed in a statement.
Assets of Apache Energy and its subsidiaries averaged production of approximately 49,000 barrels of oil equivalent per day in March.
With this sale, Apache is fully exiting its exploration and production business in Australia, but will retain its 49-percent ownership interest in fertilizer producer Yara Pilbara Holdings.
On April 2, Apache completed the sale of its Wheatstone LNG project and related oil and natural gas properties to Woodside for $2.8 billion.