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Apache completes acquisition of Devon’s Gulf of Mexico shelf assets

Posted on 11 June 2010

On 10 June, Apache announced that it has completed its acquisition of Devon Energy’s oil and gas assets in the shallow waters of the Gulf of Mexico shelf for $1.05 billion.

The properties are projected to produce 9,500 bbl/day of liquid hydrocarbons and 55 million cu ft/day of gas after closing. About half of the estimated proven reserves of 41 million bbl equivalents are oil and natural gas liquids.

The assets comprise 477,000 net acres across approximately 150 blocks. Virtually all of the production is located in fields in 500 ft of water or less. Apache has identified 79 recompletion opportunities and 26 drilling prospects across the acquired assets.

This transaction, coupled with the recent close of the sale of its deepwater assets, essentially completes Devon’s exit from the Gulf of Mexico. The company also expects to close the sale of its producing Panyu field, offshore China, to China National Offshore Oil Corp later this month, and to close the sale of assets in Brazil and Azerbaijan later this year. Devon plans to focus on North American onshore assets going forward.

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