Wednesday, October 20, 2010

BP (NYSE:BP) Attracting Interest for Assets in Pakistan

BP (NYSE:BP) has reportedly garnered interest from a couple of companies in its Pakistani assets, which entail gas production.

Unnamed sources cited by The Times newspaper said either Premier Oil (LSE:PMO), also based in Britain, or Mubadala, the sovereign wealth fund of Abu Dhabi, are interested in making a bid. It isn't clear at this time which one it will be. Premier holds other assets in Pakistan at this time.

Included in BP's assets are exploration blocks and production fields in Sindh.

Estimated value of the assets are about $690 million, according to a UBS (NYSE:UBS) note to clients in the summer.

The bid from Premier is reportedly for the gas production side of the business, which would be about $500 million, according to the sources.

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