The transition, effective from 01 May 2014, is subject to customary closing conditions and is scheduled to be closed 30 June 2014.
Apache offshore and international operations executive vice president and chief operating officer Thomas Voytovich said that the deepwater and shelf technical have combined teams to focus on subsalt and other deeper exploration opportunities in water depths less than 1,000ft, which have been relatively untested by industry.
"Discoveries on the shelf have quicker cycle times, require less capital, and provide more options to bring oil and gas to market," Voytovich added.
"Apache has working interests in approximately 650 blocks in the Gulf of Mexico. In addition to the exploration and development of properties in shallower water, Apache continues to pursue joint venture and/or monetization opportunities for its deepwater prospects."
The Deepwater GOM assets, including Apache’s working interests in the Lucius (11.7%) and Heidelberg (12.5%) oil production development projects, have estimated reserves of 55 million barrels of oil equivalents (BOE) and several hundred million barrels of oil equivalents resource potential.
The Lucius unit includes Keathley Canyon Blocks 874, 875, 918 and 919 while the Heidelberg unit includes Green Canyon Blocks 859, 903, 904 and 948.
The company’s working interest in the 11 primary term blocks ranges from 16.67 to 60%.
