Apache Spends $1.75B in North Sea Asset Spree

Rigzone reported that Apache’s (NYSE:APA) subsidiary Apache North Sea Limited has agreed to acquire Exxon Mobil Corporation’s Mobil North Sea LLC assets, including the Beryl field and related properties – for $1.75 billion.

The market news is quoted as saying:

The fields have current net production of approximately 19,000 barrels of oil and natural gas liquids and 58 million cubic feet (MMcf) of natural gas per day. At year-end 2010, estimated proved reserves totaled 68 million barrels of oil equivalent.

The transaction, with a planned close at year-end 2011, is expected to increase Apache’s North Sea production by 54 percent and proved reserves by 44 percent.

Click here to access the entire news