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BP sheds assets
BP's upstream deal with Apache will provide $7bn towards the company's clean-up operations in the US Gulf
BP IS to sell US, Canadian and Egyptian assets to Apache for $7bn, with a stroke raising most of the cash its says it will need to pay for cleaning up the oil spill in the Gulf of Mexico. Further assets sales in Asia could take the total beyond a $10bn divestment target the company set in June. The assets to be sold to Apache are non-core for BP – but material for the US independent, which has used divestments from the majors in recent years to build its business (PE 6/10 p7). Steven Farris, Apache's chief executive, said in a statement: "This is a rare opportunity to acquire legacy positions from a major oil company, with oil and gas production, acreage, infrastructure, seismic data, field studies, exploration prospects and other essential aspects of our business." The firesale should end some speculation about how BP intended to reach its $10bn target, ...Click here to continue reading BP sheds assets
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