Apache Corp. has completed the acquisition of BP plc's oil and gas operations, acreage and infrastructure in the Permian Basin of West Texas and New Mexico (see Daily GPI, July 21). The Houston-based producer paid $3.1 billion to acquire 10 Permian field areas with estimated proved reserves of 141 million boe, first-half 2010 net production of 15,110 b/d of liquids and 81 MMcf/d of gas, and two operated gas processing plants. The transaction also included 1.7 million gross acres in prospective areas of the basin. BP will continue to operate the properties on Apache's behalf through Nov. 30. Completion of Apache's acquisition of BP assets in Canada and Egypt is awaiting approvals.
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