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Apache to Acquire Exxon North Sea Assets
Wednesday, September 21, 1:19 PM ET

Apache Corporation (NYSE:APA) said today that its Apache North Sea subsidiary has agreed to acquire Exxon Mobilís (NYSE:XOM) Mobil North Sea assets for $1.75 billion. The assets include the Beryl field and related properties, and all told have a current net production of 19,000 barrels of oil and natural gas liquids and 58 million cubic feet of natural gas per day.

Estimated proved reserves at the end of 2010 totaled 68 million barrels of oil equivalent. Apache said the acquisition is expected to increase its North Sea production by 54%, and proved reserves by 44%. The transaction is expected to close at year-end 2011.

Also in the energy sector, Total (NYSE:TOT) is reportedly poised to resume oil production at its 40,000 barrel per day facilities offshore of Libya. Dow Jones said production may restart Sunday or Monday.

Oil is trading at $86.89 a barrel Wednesday ahead of the Federal Reserveís meeting on interest rates, leaving the DB Oil Fund (AMEX:DBO) to trade up about 0.1%.

The Energy Select Sector SPDR (AMEX:XLE) is trading down over 0.2%, and the iShares Dow Jones U.S. Energy Sector Index Fund (AMEX:IYE) is trading down slightly.

For MarketNewsVideo.com, Iím Kristin Bianco.

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