Texas-based Apache is selling its Australian oil subsidiary for $2.7 billion to private equity funds

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Texas energy giant Apache Corporation is getting out of oil in Australia, selling its assets to a consortium of private equity funds managed by Macquarie Capital Group Limited and Brookfield Asset Management for $US2.1 billion ($A2.7 billion).

The Australian arm, Apache Energy, produced 49,000 barrels of oil equivalent per day in March.

The deal sees Apache out of the exploration and production business in Australia but it will retain its 49% in fertiliser producer Yara Pilbara Holding.

Apache recently announced the sale of its interests in Wheatstone LNG project and related oil and natural gas properties to Woodside Petroleum Limited for $US2.8 billion.

CEO John J. Christmann says this means that now 70% of Apache’s production will come from North America onshore.

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