Apache Corp. said Wednesday it has completed a $3.1 billion acquisition of oil and gas assets in west Texas and New Mexico from BP PLC.
The acquisition is part of BP’s broader agreement to sell Apache $7 billion worth of properties in the United States, Canada and Egypt to help pay for the cleanup of the Gulf of Mexico oil spill.
Apache said it received oil and gas operations, acreage and infrastructure in the Permian Basin under the deal that has been completed. BP will continue to operate the properties for Apache through Nov. 30.
Some of the properties are subject to certain preferential rights, Apache said. Completion of the acquisition involving the assets in Canada and Egypt is pending regulatory approvals, among other conditions.
