Apache Energy is being sold for around $US2.1 billion and will exit the Australian oil and gas market.

Apache Corporation says it is selling subsidiary Apache Energy Limited to private equity funds managed by Macquarie Capital Group and Brookfield Asset Management.

Apache Energy produces about 49,000 barrels of oil equivalent per day.

The deal is subject to necessary government and regulatory approvals, but is expected to close around mid-2015.

The announcement means Apache will fully exit its exploration and production businesses in Australia.

“Today's announcement represents a notable step in Apache's strategic portfolio repositioning,” chief executive John Christman said.

“Following the sale of our Australian assets, approximately 70 per cent 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.”