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Apache closes office, restructures

HOUSTON-based Apache Corporation has followed up its Australian divestment deals with plans to cl...

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Job cuts were not specifically mentioned but Apache said it would relocate a number of the Tulsa employees.

The office closure is part of the creation of the new Houston region to consolidate operational activities across the Eagle Ford, Anadarko Basin, Texas Panhandle and Canadian properties - although the latter will still be run from office in Calgary, Alberta.

The newly created Permian region will cover the Midland Basin and the Central Basin Platform operated out of Midland and Texas, plus the Delaware Basin assets.

"Apache's Egypt Region, North Sea Region and Gulf of Mexico Region will form the International and Offshore Region," the company said of the third and final super region created by the restructuring.

Apache also made a series of executive appointments to lead the new regions.

"These changes represent a significant step toward streamlining our operations in a way that will greatly enhance our ability to maximise recovery and minimise costs," Apache CEO John Christmann said.

"This new structure will enable us to allocate resources and personnel expediently as industry conditions dictate."

Increasingly US-focused Apache has struck deals to exit is Australian operations earlier this year with the Woodside buying its Balnaves oil (65%) and Wheatstone LNG(13%) project stakes in a $US2.82 billion ($A3.7 billion) deal that closed in April.

The deal to sell the 50% stake of the Canada-based Kitimat LNG project to Woodside is expected to close at $854 million in early July.

The rest of Apache's WA assets, including a promising upstream portfolio and the Devil Creek, Varanus Island and Macedon gas production assets, are part of a $2.1 billion sale to a consortium of Macquarie Capital Group and Brookfield Asset Management.

This deal was expected to close in mid-2015 according to the initial announcement in April.

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