US-based exploration firm Apache is to sell its interests in Alberta, Canada, for $214million.
Private firm Ember Resources, which focuses on tapping unconventional gas resources in the region, has bought the oil and gas properties in the Nevis and Grant lands areas of Western Alberta.
The company, which has a majority stake in the Forties North Sea field, said the sale was part of a refocusing by the company, which has been looking to sell off $4billion worth of assets by the end of the year.
“This transaction is one element of a comprehensive review of Apache’s portfolio to determine which assets make the most sense for Apache to own given our growth and return objectives and which assets are better owned by others,” said Apache president Rodney Eichler.
“The Nevis, North Grant Lands and South Grant Lands assets fit in the latter category.”
The fields, which include more than 2700 wells over a 530,000 acre area, produces 67million cubic feet of gas and 237 oil barrels a day.
The deal, coming after Apache’s $3.75billion Gulf of Mexico operations sell-off last month, will see Apache retain their interest in the potential Duvernay and Nisku finds in the area.
“Going forward, Apache is focused on growing our liquids production from a deep inventory of crude oil- and liquids-rich opportunities that generate attractive rates of return on our extensive remaining acreage in Canada’s Western Sedimentary Basin,” said Eichler.