Jul 21, 2010. BP Plc rose in London trading after agreeing to sell oil and gas fields in the U.S., Canada and Egypt to Apache Corp. for $ 7 billion, raising cash to meet the costs of the Gulf of Mexico spill.
Europe’s largest oil producer by volume said last month it would sell $ 10 billion of assets to raise cash for the $ 20 billion fund to compensate victims of the oil spill. BP said yesterday that it plans to sell assets in Pakistan and Vietnam, and the company was said to be in talks with Apache earlier this week about selling half its stake in Alaska’s Prudhoe Bay oil field.
“It’s a nice tidying up of the portfolio,” said an analyst at Brewin Dolphin Ltd., which overseas more than $ 31 billion in London, including BP shares. “If they can get rid of Vietnam and Pakistan assets as well, even better.”
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Apache Corporation is an independent energy company. The Company explores for, develops, and produces natural gas, crude oil, and natural gas liquids. The Company has operations in North America, onshore Egypt, offshore Western Australia, offshore the United Kingdom in the North Sea (North Sea), and onshore Argentina, as well as on the Chilean side of the island of Tierra del Fuego.