Subscribe to our free daily newsletters
  Energy News  

Subscribe to our free daily newsletters

BP sells another $7 billion in assets

by Staff Writers
London (UPI) Nov 29, 2010
BP said it's selling its $7 billion stake in an Argentinian energy company as the European oil giant is eager to off load some $30 billion in assets by the end of next year.

BP said it would sell its 60 percent stake, worth $7.06 billion, in the Pan American Energy, active in oil and gas exploration as well as production to Bridas Corp., which already owns 40 percent of PAE. Bridas is owned to half by China National Offshore Oil Corp.

"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," BP Chief Executive Officer Bob Dudley said in a statement.

The sale is part of a wider asset diversion strategy aimed at raising cash to pay for the Gulf of Mexico oil spill. BP this year unloaded assets in the United States, Latin America, Asia and Africa, with sales totaling an estimated $20 billion, the BBC reports. BP has said it wants to sell another $10 billion by the end of 2011.

The April 20 Deepwater Horizon oil rig accident killed 11 workers. The rig spilled an estimated 170 million gallons of crude into the gulf until it was capped July 15. BP estimates costs for the cleanup to total nearly $40 billion.

Dudley has begun to restructure BP to cut costs and increase profits after the spill, which has slashed the company's share value by around 35 percent.

He has launched a new safety and operational risk unit tasked with improving exploration safety, and has fired the head of operations responsible for offshore drilling in the gulf.

BP has recently benefited from rising oil prices and Dudley said he plans to resume paying dividends in early 2011 after the company has stopped doing so due to the spill.

The European oil major earlier this month reported a return to profit in the third quarter after record losses following the Gulf of Mexico oil spill.

Profit was $1.8 billion in the three months from July until September, compared with losses of more than $17 billion at the end of the second quarter.

"These results demonstrate that BP is well on track for recovery after the tragic accident on the Deepwater Horizon drilling rig and subsequent oil spill," Dudley said in a statement.

Share This Article With Planet Earth DiggDigg RedditReddit
YahooMyWebYahooMyWeb GoogleGoogle FacebookFacebook

Related Links
Powering The World in the 21st Century at

Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

BP sells stake in Pan American Energy to Bridas
London (AFP) Nov 29, 2010
BP said Sunday it has agreed to sell its 60 percent stake in Pan American Energy to Argentina-based oil and gas firm Bridas Corporation, as part of asset sales to pay for the Gulf of Mexico oil spill. The 7.06-billion-dollar (5.33-billion-euro) sale, which British energy group BP expects to complete next year, will give Bridas total ownership of Pan American, the second largest producer of o ... read more

Germany faces massive power grid overhaul

Geothermal Energy Association Weaves The Geothermal Web

What Is EU's Strategy For Securing Energy Supply For The Future

Developing Countries Can Cut Greenhouse Gas Emissions And Help The Poor

New Monitoring Methods More Accurately Measure Coal Ash Impacts

SOFC Micro CHP Plants To Be Climate-Friendly Power Stations In Homes

BP hails 'significant milestone' in Canadian oil sands plan

Argentina wins wider Falklands blockade

Vestas Selects Broadwind Towers For Glacier Hills Wind Project

Optimizing Large Wind Farms

Enhancing The Efficiency Of Wind Turbines

GL Garrad Hassan Chosen For SMart Wind's 'Hornsea' Zone

Solis Partners Awarded Solar Contract For New Vertical Screen HQ

Funding To Help Solve Solar Energy Puzzle

Fast Food Goes Green

Konarka's Power Plastic Achieves World Record NREL Efficiency Certification

Bulgaria, Russia strike deal on Danube nuclear plant

Study Assesses Nuclear Power Assumptions

Namibia plans for nuclear plant at first uranium policy meet

India nuclear plant with French reactors gets green go-ahead

Biofuels Have Consequences On Water Quality And Quantity In Mississippi

Verenium Announces Collaboration With Edible Oil Leader Desmet Ballestra

Lufthansa First Airline To Use Biofuel On Commercial Flights

Brazil Invests In Scania Ethanol Buses

Optis Software To Optimize Chinese Satellite Design

China puts satellite in orbit

Condition Of China's Lunar Probe To Determine Future Application

Tasks For Tiangong

Security tight as UN climate talks set to open

Time for compromise, troubled UN climate talks told

Bangladesh wants money, not more talks on climate change

US loses leverage in climate talks

The content herein, unless otherwise known to be public domain, are Copyright 1995-2010 - SpaceDaily. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement