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Apache takes more BP assets

Oct. 13, 2010 at 9:43 AM   |   Comments

HOUSTON, Oct. 13 (UPI) -- Texas oil company Apache Corp. announced it purchased all of BP's upstream natural gas business in Alberta and British Columbia.

Apache said 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, New Mexico and Egypt 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.

The White House announced during the summer that it sent BP and "other responsible parties" a $167.9 million bill, the fifth such bill, to pay for response and recovery operations along the southern U.S. Gulf Coast.

BP was found liable for the April sinking of the Deepwater Horizon oil platform in the Gulf of Mexico that resulted in the worst offshore accidental oil spill in the history of the industry.

Apache said it would take over operations at the Canadian fields Nov. 1.

© 2010 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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