BP (NYSE:BP) and Apache Corp (NYSE:APA) have closed another part of the $7 billion deal where BP is divesting of assets in the Permian Basin, Egypt and Western Canada, this one being the Canadian assets held by the oil giant. They've already closed on the Texas Permian Basin assets.
The Canadian assets were valued at $3.25 billion, which entailed natural gas projects and some oil.
Proven oil reserves were 224 million barrels of oil equivalent, with production in the first half reaching 46,500 barrels of oil equivalent a day.
About 1.3 million net acres were part of the agreement, which included some unconventional oil and natural gas assets.
The Canadian division of Apache will take over operations on November 1.
BP is divesting of about $30 billion in assets to pay for liabilities connected to the Macondo Gulf of Mexico oil well disaster.
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