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."
Showing posts with label Selling Assets. Show all posts
Showing posts with label Selling Assets. Show all posts
Monday, August 2, 2010
Monday, July 12, 2010
Exxon (NYSE:XOM) Company Takeover of BP (NYSE:BP)
There has been much speculation over investors possibly purchasing BP (NYSE:BP), apparently the U.S. Government has opened the door for Exxon Mobil (NYSE:XOM) to "take a look" and purchase BP for a complete company takeover. A merge of the two oil companies would put Exxon's total stock market value at over $400 billion. When asked about the validity of these claims, both companies refused to comment.
Tony Hayward, BP's chief executive, held several meetings last week with several potential "friendly" oil investors. The cause was the possibility of a hostile bid that Hayward said he was fully aware of. BP has stated openly that they plan on selling some of their assets to help cover some of the costs incurred by the massive oil leak.
They have already began talks with several rivals. The U.S.'s largest independent oil group, Apache Corporation, is named as one of the companies being in exclusive talks with BP to purchase $12 billion of investments. Including the biggest oil field in North America, Prudhoe Bay.
A BP spokesman said, " We've said we're going to be divesting about $10 billion over the next 12 months as a result of the spill, but we have no comment on specific deals."
Tony Hayward, BP's chief executive, held several meetings last week with several potential "friendly" oil investors. The cause was the possibility of a hostile bid that Hayward said he was fully aware of. BP has stated openly that they plan on selling some of their assets to help cover some of the costs incurred by the massive oil leak.
They have already began talks with several rivals. The U.S.'s largest independent oil group, Apache Corporation, is named as one of the companies being in exclusive talks with BP to purchase $12 billion of investments. Including the biggest oil field in North America, Prudhoe Bay.
A BP spokesman said, " We've said we're going to be divesting about $10 billion over the next 12 months as a result of the spill, but we have no comment on specific deals."
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