Apache Completes BP Canada Asset Acquisition

Apache Canada, a subsidiary of Apache Corporation, has completed its acquisition of all of BP’s upstream natural gas assets in western Alberta and British Columbia, Canada.

The assets have an estimated reserves of 224 million barrels of oil equivalent, net production of 46,500boe per day up to the first half 2010 and 1.3 million net acres.

Apache Canada paid $3.25bn for the BP assets and will take over operations of the properties on 1 November 2010.

In August this year, Apache completed its acquisition of all of BP’s oil and gas operations, acreage and infrastructure in the Permian Basin of West Texas and New Mexico for $3.1bn, on condition that BP continues to operate the properties until 30 November 2010.

In July, Apache agreed to acquire all of BP’s oil assets in the Permian Basin and Egypt’s Western Desert and acquire all of the upstream natural gas business in western Alberta and British Columbia for $7bn. The assets include estimated proved reserves of 385 million boe.