*Says U.S. shale ownership likely
*Asset buys seen where the company operates
*Shares off nearly 4.5 percent (Recasts first paragraph, adds additional quotes, details, byline, share price)
By Anna Driver
NEW ORLEANS, March 24 (Reuters) - The chief of Apache Corp (APA.N) said on Tuesday the U.S. independent energy company is looking to buy assets, citing low oil and gas prices.
"Weare paddling through the water looking for things to buy," StevenFarris, the chief executive of Apache, told the 2009 Howard Weil EnergyConference.
Apache,which has more than $4 billion in cash and bank lines available, isscouting for oil and gas assets in areas where it already hasoperations, Farris said. Those includes Egypt, Argentina and the UnitedStates.
Apache, which has acreage in the Horn River shale in northeastern British Columbia with its partner Encana Corp (ECA.TO), is also shopping for shale in the United States, Farris told investors.
"I'dbe surprised if Apache did not have a shale play somewhere in the U.S."-- in the next year or two, Farris said, later adding that it would notbe a large investment for the company.
While some of its oil and gas peers including Devon Energy (DVN.N) have said big acquisitions are off the table, Apache sees opportunity in the downturn, Farris said.
Crudeoil and natural gas futures have tumbled more than 60 percent sincesummer peaks as the global economic recession hit demand for energy.
Inresponse, many independent oil and gas companies have cut back onexploration spending. For example Apache used to have 11 rigs drillingon the shelf in the U.S. Gulf of Mexico, but now it has two, Farrissaid.
Inits Ootla shale play in Horn River, Apache plans to drill 25 wells in2009. The net cost of building pipeline and processing plants toinitially move gas in the remote region is estimated around $900million, Farris said.
Sharesof Apache fell $3.30, or 4.5 percent to $67.50 on the New York StockExchange. That decline is in line with a 4 percent drop in the AmericanStock Exchange index of natural gas companies .XNG . (Reporting by AnnaDriver, editing by Gerald E. McCormick and Derek Caney)