BP agrees £4.6bn asset sale to fund oil clean-up
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BP is to sell assets in Texas, Canada and Egypt to help part-fund clean-up costs following the Gulf of Mexico oil spill.
BP has agreed the deal with US-based oil firm Apache Corp, with the proceeds set to go both to clean-up costs and potential damages resulting from the spill.
BP has already spent £2.6bn on both the clean-up and compensation. Assets sold included both oil fields and gas processing plants in Texas and south-east Mexico worth £2bn and BP’s upstream Western Canadian gas business for £2.1bn.
The deal also included oil exploration and production assets in Egypt worth £425m.
According to reports, the company had also been thought to be looking at a sale of assets in Vietnam and Pakistan, and of its majority stake in its subsidiary Argentine Pan American, which operates in Argentina, Chile and Bolivia, and is thought to be worth about £5.9bn.
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