US-based Apache and its subsidiaries have signed an agreement with YPF to sell all the operations in Argentina, for cash payment of around $800m.

As part of the deal, YPF will also assume $52m of bank debt as of 30 June, 2013.

Apache noted that the transaction complements the realization of around $7bn of cash proceeds from asset sales in the last two quarters.

Apache chairman and CEO Steven Farris said the company’s employees in Argentina have done an outstanding job in finding and developing new reserves and creating commercial opportunities in the region.

"Over the past year, Apache has taken decisive steps to focus its portfolio on repeatable and profitable long-term growth in areas where the company has industry-leading positions, such as its deep inventory of liquids-rich drilling opportunities onshore North America and international assets generating large free cash flows," Farris added.

Apache had estimated reserves in the country of about 540bcf of natural gas equivalent, at year-end 2013.