Apache has announced it agreed with Macquarie Capital Group Limited and Brookfield Asset Management to sell its Australian subsidiary Apache Energy Limited for US$2.1bn. With the announcement of this sale, Apache is fully exiting its exploration and production business in Australia. Assets of Apache Energy Limited and its subsidiaries averaged production of around 49,000 boe/d in March 2015. Early on April 2015, Apache announced the completion of sale of its Wheatstone LNG project and related oil and natural gas properties to Woodside Petroleum Limited for US$2.8bn. Following the sale of its Australian assets, approximately 70% of Apache's oil & gas production will come from North America onshore activities.
The transaction with Macquarie Capital Group Limited and Brookfield Asset Management is expected to close mid-year 2015 and is subject to necessary government and regulatory approvals and customary post-closing adjustments.