The Calgary Herald is reporting that the Apache Corporation has bought British Petroleum’s natural gas operations in Alberta and B.C.
The company, based in Houston, Texas, is paying more than $3 billion US for the Canadian acquisition.
BP is attempting to raise money to pay for the damages that have come out of the oil spill in the Gulf of Mexico. The company is apparently putting $20 billion towards helping to pay for the damages resulting from the leak.
Although the sale does not include the oilsands division, their natural gas liquids and marketing businesses in Alberta or leases for exploring in the Beaufort Sea, it will increase the company’s production by more than 65 per cent.
The deal means that the company could start producing approximately 117,000 barrels of oil per day.
Apache has been acquiring various assets over the past 11 years, paying $518 million for Shell Canada’s conventional oil and gas unit and acquiring Fletcher Challenge Canada for $677 million.