Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

New Canadian sell-off for Apache as it increases shale focus

Apache news
Apache news

Apache is to sell off its natural gas operations in western Canada as it continues a push into liquid production.

The £225million deal will see the North Sea producer selling off its dry gas-producing areas in Alberta and British Columbia to an undisclosed buyer.

The move comes in the wake of Apache’s switch to focus on shale oil drilling in the USA, and will provide extra resources for the firm’s share buyback programme.

“This transaction is part of Apache’s portfolio rebalancing, which was undertaken last year to enable Apache to focus on growing liquids production from a deep inventory of crude oil- and liquids-rich opportunities in North America,” said chief executive Steven Farris.

“The sale of these natural gas assets – and other Canadian gas-producing properties sold last year – will permit Apache’s Canada Region to concentrate on liquids-rich opportunities that can provide more attractive rates of return and more predictable production growth.”

The new deal, which is expected to be completed next month, will see it dispose of around 622,000 gross acres in the Ojay, Noel and Wapati regions, although Apache will retain rights to finds below the Cretaceous layers.

Last year Apache sold off more than £67million worth of oil and gas sites in Canada, including its Hawkeye properties, as part of a multi-billion dollar divestment programme.


More from Energy Voice

Latest Posts