Monday, August 2, 2010

BP (NYSE:BP): Pakistan and Vietnam Assets For Sale

BP (NYSE:BP) continues its attempt to raise money to help pay for their massive oil spill in the Gulf of Mexico. The company has told the governments of Pakistan and Vietnam that they have put up their production assets for sale.

David Nicholas, a BP spokesman stated that in Pakistan, the company is planning on selling its oil and gas production fields. They will also sell their deepwater drillling sites, which is the biggest offshore acreage that will be given to a single explorer in the country. In Vietnam, BP is planning on selling its interest in a offshore natural gas field, a power generator, and a pipeline.

So far BP has agreed to sell oil and gas fields in the U.S., Canada, and Egypt. The company has said it plans on selling up to $30 billion of its assets. Nicholas said, the sales "will primarily come from our portfolio of upstream assets around the world, which will be of more value to others."

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