Apache Corp. sells off gas acreage in Canada

U.S.-based energy explorer Apache Corp. announced it was selling off some of its Canadian assets in order to streamline its North American portfolio.

"This transaction is part of Apache's portfolio rebalancing, which was undertaken last year to enable Apache to focus on growing liquids production from a deep inventory of crude oil- and liquids-rich opportunities in North America," G. Steven Farris, Apache's top executive, said in a statement Monday.

The company announced it was selling off more than 620,000 gross acres of gas-producing assets in western Alberta and British Columbia to an undisclosed buyer for $374 million. It said it would retain some rights to the Montney shale formation along the western border of British Columbia.

Last year, production from the gas acreage sold by Apache averaged 101 million cubic feet of natural gas per day.

Farris said the rebalancing would help the company focus on richer opportunities in North America.

Apache expects to increase its activity in North America by more than 15 percent this year. Its inland assets in the region account for about 60 percent of its global operations.