Companies in the news

Apache Corp. has completed the sale of its interests in the Chevron-operated Wheatstone LNG project, and accompanying upstream oil and gas reserves, to Australia’s Woodside Petroleum for a total cost of $2.83 billion. Apache’s Australian subsidiary held a 13% interest in the LNG project, and 65% working interest in the WA-49-L Block, which includes the Brunello and Julimar offshore gas fields, and the Balnaves oil development. The Houston-based operator will also be selling its Australian subsidiary, Apache Energy Limited, to a consortium of private equity funds, managed by Macquarie Capital Group and Brookfield Asset Management, for a cash payment of $2.1 billion. The assets include: Apache’s interest in the gas fields of Reindeer, John Brookes and Halyard-Spar, and the non-operated interest in the BHP Billiton-operated Macedon field; Apache’s interest in operated oil fields at Coniston-Novara, Van Gogh and Stag and the non-operated interest in the BHP Billiton-operated Pyrenees area; interests in gas processing facilities and associated infrastructure at Devil Creek, Varanus Island and Macedon; and all of Apache’s upstream acreage in the Carnarvon, Exmouth and Canning basins, along with related hydrocarbon reserves, resources and production. Shell UK will reduce the number of staff, and contractors, in the North Sea, by at least 250 this year. Shell will also introduce changes to its North Sea, offshore shift patterns.

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