HOUSTON, Sept. 22 (UPI) -- U.S. energy explorer Apache Corp. announced its North Sea subsidiary it would acquire regional assets from Exxon Mobil for $1.7 billion in cash.
The North Sea fields included in the deal have a net production of around 19,000 barrels of oil and natural gas liquids and 58 million cubic feet of natural gas per day.
G. Steven Farris, chairman and chief executive officer at Apache, said the assets will add significantly to Apache's presence in the North Sea.
"They bring us significant remaining life, high production efficiency and quality reservoirs, the best North Sea assets we've evaluated since acquiring the Forties field in 2003," he said in a statement.
The company said the Forties field was producing oil at a rate of 40,000 bpd when it was acquired in 2003. New wells in June boosted daily production to 70,000 barrels of oil equivalent per day.
The Exxon transaction increases Apache's production in the North Sea by 54 percent and 44 percent for proven reserves.
The Texas company added that it would take on some of Exxon's employees through the deal, which is expected to close by year's end.
