$800m cash injection for Apache

Apache joins a recent slew of IOCs who are selling off assets.

Argentina has enormous reserves of shale gas.
Argentina has enormous reserves of shale gas.

Apache corporation has received payment of $800 million for the sale of its operations in Argentina, according to Reuters.

"The transaction was closed and payment was made to Apache in international accounts outside Argentina," spokesman Bill Mintz told Reuters.

Two years after seizing YPF, the country's biggest energy company, from Spain's Repsol SA, Argentina is working to quell concerns about energy policy in the South American country.

Repsol last month said its board of directors had approved a $5 billion settlement with Argentina after President Cristina Fernandez expropriated 51 percent of Repsol's stake in YPF.

Apache had stakes in about 25 fields in Argentina, including the giant Vaca Muerta shale oil and gas field.

The formation, in the southern Patagonia region, has 661 billion barrels of oil and 1,181 trillion cubic feet of natural gas resources, according to YPF.

Shares of Houston-based Apache fell 28 cents, or less than one percent, to $79.27 in afternoon New York Stock Exchange trading.

 

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