Distressed oil giant BP plc has agreed to sell $7 billion in oil and gas assets to the Apache Corporation, part of a $10 billion fundraising effort to cover claims stemming from the Deepwater Horizon oil spill disaster in the Gulf of Mexico.
Apache, which explores for and develops oil and natural gas, will acquire BP oil and gas operations, acreage and infrastructure in Texas, New Mexico, western Canada and Egypt. The Houston-based company will add 2.4 million net acres to its portfolio in the deal. It already controls nearly 12 million acres in Egypt, Argentina and Canada alone.
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