2010-7

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摘要

Apache to Acquire Western Desert Business Concessions and East Badr El-din Exploration Concession in Egypt from BP - Deal Analysis from GlobalData

Summary

Apache Corporation (Apache) agreed to acquire Western Desert business concessions and East Badr El-din exploration concession in Egypt, from BP p.l.c. (BP). The purchase consideration of the transaction is $650 million which is subject to customary post-completion price adjustments. The acquisition includes net production of approximately 6,016 boe/d and 11 mcf of gas per day. The assets have net proved reserves of approximately 20 mmboe and net resources of approximately 55 mmboe.

Apache intends to finance the acquisition with a combination of debt and equity securities as well as cash in hand. As a part of the transaction, Apache will advance $250 million in cash, of the total purchase price to BP, on July 30, 2010, ahead of the anticipated closing. This advance will be returned to Apache or applied to the purchase price at closing. The company has also obtained a $5,000 million bridge loan facility to backstop any financing requirements.

Goldman, Sachs & Co., BofA Merrill Lynch, Citibank N.V, and J.P. Morgan Securities Inc. are acting as financial advisors to Apache with respect to the transaction. Standard Chartered is acting as financial advisor to BP for the transaction. The transaction is expected to be completed during the third quarter of 2010 and is subject to certain preferential rights as well as normal regulatory approvals and conditions in Egypt.

The transaction implies deal values of $82,809.58 per boe of daily production and $32.5 per boe of proved reserves.

Scope

- Rationale behind Apache acquiring BP's Egyptian assets
- Strategic Benefits for the companies involved
- Geography covered -Egypt

Reasons to buy

- Develop a sound undestanding of the major M&A's, Partnerships, And Joint Ventures taking place in AfricanOil & Gas industry
- Identify the most lucrative segments to leverage on the growth oppurtunities available in the Egyptian oil & gas market
- Get a detailed analysis of a deal to enable you to take better decisions

目录

1 Table of Contents
1 Table of Contents 1
1.1 List of Tables 2
1.2 List of Figures 2
2 Global Data Deal Analysis 3
2.1 Summary 3
2.2 Deal Overview 3
3 Apache to Acquire Western Desert Business Concessions and East Badr El-din Exploration Concession in Egypt from BP 3
3.1 Deal Overview 3
3.2 Deal in Brief 3
3.3 The Gulf of Mexico Oil Spill : A Major Setback for BP 4
3.4 BP is Divesting its Asset to Pay for Damages and Clean Up Costs in the Gulf of Mexico 4
3.5 Apache has a Significant Presence in Egypt’s Exploration and Production Business 5
3.6 Apache is acquiring BP’s asset for consolidation of its business in Egypt 5
3.7 BP’s Egyptian Assets overview 6
3.8 Deal Financials and Valuations 8
3.8.1 Companies Involved 8
3.8.2 Deal Financials 9
3.8.3 Deal Rationale 9
3.8.4 Advisor Information 9
3.8.5 Detailed Target Information 9
3.8.6 Production and Reserves Information 10
3.8.7 Transaction Implied Values 10
3.8.8 Commodity Prices Information 10
3.8.9 Detailed Acquirer Information 11
3.8.10 Detailed Vendor Information 11
4 Appendix 13
4.1 About Energy eTrack 13
4.2 Methodology 13
4.2.1 Coverage 13
4.2.2 Secondary Research 14
4.2.3 Primary Research 14
4.2.4 Expert Panel Validation 14
4.3 Contact Us 15
4.4 Disclaimer 15

1.1 List of Tables
Table 1: BP, Western Desert Concessions, 2010 7
Table 2: Apache, Asset Acquisition Details,2009-2010 8
Table 3: Companies Involved 8
Table 4: Financials of the Deal 9
Table 5: Advisor Information 9
Table 6: Target Information 9
Table 7: Target’s Production and Reserves Information 10
Table 8: Company Valuation Multiples 10
Table 9: Commodity Prices in $, Last Close 10
Table 10: Acquirer Information 11
Table 11: Vendor Information 11

1.2 List of Figures
Figure 1: Gulf of Mexico, 2010 4
Figure 2: Apache, Operational Map, 2010 5
Figure 3: BP and Apache, Operational Map, Western Desert, Egypt, 2010 6
Figure 4: BP and Apache, Western Desert, Infrastructure Synergies, 2010 7
Figure 5: GlobalData Methodology 13