Report: BP Looks to Unload Assets

'Sunday Times' says it's shopping stake in Alaska, elsewhere
By Newser Editors and Wire Services
Posted Jul 11, 2010 8:11 AM CDT
In this Aug. 10, 2006 file photo, oil transit and other pipelines run from one BP's facility at the Prudhoe Bay oil field on Alaska's North Slope.   (AP Photo/Al Grillo, file)
camera-icon View 1 more image

(Newser) – BP is talking with Apache Corp. about possibly selling $18 billion worth of assets including a stake in Alaska's Prudhoe Bay oil field, the Sunday Times reports. BP spokesman Robert Wine and Apache spokesman Bill Mintz both said their companies would not comment on "speculation." The Sunday Times said Apache, based in Houston, was discussing the possibility of acquiring BP assets. The newspaper did not cite a source for its report.

BP has said it plans to raise $10 billion this year selling assets, but analysts said is likely simply speeding up an ongoing program. The company agreed last month to set aside some assets as security while it builds up a $20 billion compensation fund agreed upon with the US government to guarantee that the oil company pays for all the damage from the massive Gulf Coast oil spill.

My Take on This Story
Show results without voting  |