HOUSTON -- Apache Corp. and Mariner Energy have agreed to merge in a deal valued at $2.7 billion. Apache says it sees this as a strategic step and further extension of its operations into the deepwater Gulf of Mexico plays.
Mariner's deepwater portfolio includes nearly 100 blocks, seven discoveries in development -- including interests in Lucius and Heidelberg -- and more than 50 prospects. Apache and Mariner teamed up in the 2008 deepwater Geauxpher discovery and development at Garden Banks 462.
The transaction is subject to approval by Mariner's shareholders and customary regulatory approvals. Completion of the transaction is expected in 3Q 2010.