Apache Corp grabs BP's assets in Egypt

HOUSTON, Nov. 5 (UPI) -- Texas oil company Apache Corp. announced it completed the acquisition of oil and gas operations in Egypt from British energy company BP.

A subsidiary of Apache paid $650 million for four development leases and one exploration concession as part of a multitiered acquisition of BP assets in Egypt.

BP has sold off some of its overseas assets in order to help pay for damages incurred from the summer oil spill in the Gulf of Mexico.

The assets acquired by Apache hold proven reserves of 20 million barrels of oil equivalent. Net production during the first half of 2010 reached more than 6,000 barrels of oil and 11 million cubic feet of natural gas per day, the company said in a statement.

Apache said earlier this year that it acquired 1.3 million net acres in western Canada for around $3.25 billion. The assets in western Alberta and British Columbia are estimated at around 224 million barrels of oil equivalent.

Apache in July said it acquired assets in Texas and New Mexico from BP. The company said it was also taking most of BP's upstream gas business in a $7 billion deal that includes 385 million barrels of oil equivalent.