Apache sells North Sea pipeline assets to U.K. pension funds

|About: Apache Corporation (APA)|By:, SA News Editor

Apache (APA +8.5%) agrees to sell interests in a giant North Sea pipeline and processing system to U.K. pension funds; the value of the deal is not disclosed but looks likely to be worth hundreds of millions of dollars.

APA is selling both its 30.28% share in the Scottish Area Gas Evacuation system and a 60.56% interest in the Beryl pipeline to funds managed by London-based Ancala Partners.

Earlier this month, APA said it planned to sell non-core assets to fund developing assets after making a bumper shale find in the Delaware Basin.