Apache joins foreign exit from Canada’s energy sector
Trucks at Syncrude’s North Mine near Fort McMurray, Alberta. (Image from archives)
Another international oil company is marking its exit from Canada’s energy sector – this time Houston-based Apache Corp.
Apache announced late Thursday that it will complete what has been a staged departure from Canada by selling Alberta and British Columbia assets to Calgary-based Paramount Resources Ltd. Specifically, Paramount will acquire natural gas-focused Apache Canada Ltd. for $459.5-million, deepening the trend towards homegrown ownership in the Canadian energy industry.
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