The transaction is subject to necessary regulatory approvals and customary post-closing adjustments with scheduled completion in mid-year 2015,
In March 2015, Apache Energy’s assets and its subsidiaries averaged production of approximately 49,000 barrels of oil equivalent per day, the company said.
Upon completion of the transaction, Apache will fully exit its exploration and production business in Australia.
Apache chief executive officer and president John Christmann said: "Today’s announcement represents a notable step in Apache’s strategic portfolio repositioning.
"Over the last five years, we have transitioned Apache’s primary growth engine to North America onshore through the announcement or completion of approximately $17 billion of asset purchases and $17 billion of asset sales.
"Following the sale of our Australian assets, approximately 70% of Apache’s production will come from North America onshore.
"Our robust North American position is complemented by our North Sea and Egyptian regions, which have an extensive inventory of prospects and assets that generate free cash flow.
Recently, Apache divested its Wheatstone LNG project and related oil and natural gas properties to Woodside Petroleum for $2.8bn.
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