Management at Houston based oil producer Apache Corp. has finally pulled the trigger on completely exiting Canada after signalling for months that it could sell its Alberta and British Columbia assets.
Apache late Thursday said it would sell its remaining oil and natural gas cheap wholesale jerseys assets in the two western provinces to Calgary based Paramount Resources Ltd., capping off a $927 million divestment from Canada over the past two months. shale plays. shale basins, particularly after it discovered its massive new Alpine High resource in West Texas that the company said contains more than 75 trillion cubic feet of gas and three billion barrels of oil.
believe Apache exit from Canada makes strategic sense with (management) recently noting that it has lot on its plate now with Alpine High and that Canada struggled to compete for capital within its portfolio, analysts at Athletic Jerseys Wholesale - NFL Citigroup said in a note Friday.
Recent oilsands deals include Royal Dutch Shell PLC $8.5 billion sale of leases and facilities to Calgary based Canadian Natural Resources Ltd. in early March, closely followed later that month by ConocoPhillips Co. $17.7 billion divestment, which included a large swathe of conventional assets.
The high profile exits Wholesale Jerseys have caused political squabbles in oil rich Alberta, where the provincial NDP government has implemented a carbon tax and a hard limit on total carbon emissions in the oilsands. rather than a deliberate exit from Canada.
Canada struggled to compete for capital within its portfoliosays there are certain companies that want out of Canada, but I don know if that means Canada specifically or what they really after is just shrinking their own portfolio, said Brook Papau, an analyst at RS Energy Group based in Calgary.
Apache assets consisted of light oil and gas assets spread around Western Canada, far from the politically charged bitumen reserves in northern Alberta.
In June, Apache announced the sale of its Provost assets in Alberta to an undisclosed privately owned company, which was followed by the sale of several assets in Alberta and Saskatchewan to Calgary Cardinal Energy Ltd.
seeing some of these larger companies like Shell viewing the oilsands as more of an environmental position, where they don want to manage the public perception of it anymore, Papau said. epaper, Digital Access, Subscriber Rewards), please input your Print Newspaper subscription phone number and postal code.
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