Apache Corp said it would sell its stakes in two LNG projects, Wheatstone LNG in Australia and Kitimat LNG in Canada, to Australia's Woodside Petroleum Ltd for $2.75 billion. Apache, under pressure from activist investor Jana Partners, said in July it planned to exit the two projects. The company is also evaluating a sale or spinoff of its international operations to focus on North American shale wells.
Woodside Petroleum, Australia's top oil and gas producer, said in August it was looking at M&A opportunities as companies such as Shell and Apache offload assets. Apache said on Monday it would sell its 13 percent stake in Wheatstone, majority owned by Chevron Corp, and its 65 percent interest in the WA-49-L oil and gas block, located offshore western Australia.
The company is also selling its 50 percent stake in the Kitimat LNG project, a joint venture with Chevron, and related upstream assets in the Horn River and Liard natural gas basins in British Columbia, Canada. The deals are expected to close in the first quarter of 2015, the company said.
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