BP (NYSE:BP) has moved $7 billion closer to its goal of raising about $30 billion to pay for its liabilities arising from the Gulf of Mexico oil spill.
Their latest divestiture is their 60 percent stake in Pan American Energy, which they've reportedly sold for $7.06 billion.
BP Chief Executive Officer Bob Dudley said, "Today's agreement further demonstrates both the high quality and attractiveness of the assets throughout BP's portfolio, and also the company's ability to meet our significant financial commitments arising from the Gulf of Mexico tragedy."
With this sale it brings the total raised from selling assets by BP to about $20 billion. The goal of BP is to raise an additional $10 billion by the end of 2011, added the company.
Pan American participated in oil and gas exploration, along with production in relationship to Bridas Corp., which owns 40 percent of Pan American. China National Offsore Oil Corp. owns half of Bridas.
China National Offshore Corp is the company acquiring the 60 percent stake of BP's in Pan American.
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