US-based Apache sells Argentina operations to YPF

AP News
Posted: Feb 12, 2014 7:00 PM

BUENOS AIRES, Argentina (AP) — Argentina's state energy company YPF says it has acquired the local operations of Houston-based Apache Corp., making it the largest natural gas producer in the South American country.

A statement from YPF President Miguel Galuccio says the $800 million deal will increase YPF's hydrocarbon reserves by 14 percent and its production by 15 percent.

A statement posted on oil and gas company Apache's website says the deal is worth $852 million — a cash payment of $800 million plus the assumption of $52 million in debt.

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YPF says it made a $50 million deposit Wednesday and will pay the rest over the next 30 days.

Argentina suffers from an energy deficit that forces it to import billions of dollars of fuel a year.