Apache Corporation has said that it will stop doing business in Canada following the completion of three sales.
The Houston-headquartered firm said it had agreed to sell its Apache Canada subsidiary to Paramount Resources.
Last month, it struck two separate deals to offload assets in Alberta and Saskatchewan.
One of the sales has already been completed, while the other two are expected to go through by the end of next month.
Apache expects to raise about £550million from the three sales.
The cash will be used to fund Apache’s capital program, reduce debt, and generally improve liquidity.
Apache chief executive John Christmann said the move was part of efforts to streamline Apache’s portfolio, focusing on assets in the US, UK North Sea and Egypt.
Mr Christmann said: “This strategic decision will enhance the company’s resource allocation to its primary growth areas, particularly within the Permian Basin.
“… Our strong positions and enhanced focus in our core areas will drive improvements to overall returns on capital invested going forward.”
The divestments will significantly reduce Apache’s decommissioning obligations and annual overhead costs, while earnings per share will improve.
Apache planned to spend £95million in Canada during the current financial year.
The money can now be redirected to other parts of the portfolio.
Apache entered the North Sea after acquiring the Forties field from BP in 2003. It bought the Beryl, Ness, Nevis, Nevis South, Skene and Buckland fields from ExxonMobil in early 2012.
Apache said in November it was offloading both its 30.28% share in the Scottish Area Gas Evacuation (Sage) system and a 60.56% interest in the Beryl pipeline.
In January, it awarded a contract to Aberdeen energy engineering consultancy Xodus Group to drill two new wells on the Nevis and Skene fields.
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