(Sky News) Exclusive: BP Plots Latin American Asset Sales

[sabra]

Source: Sky News

I have learned that BP is exploring a sale of some or all of a controlling stake in a major Argentine oil producer under plans to raise billions of pounds to help strengthen its finances.

The oil company is examining a sale of its 60 per cent stake in Pan American Energy, which analysts value at about $9bn, alongside the possible disposal of a series of other assets in Latin America, reliable market sources have told me this afternoon.

BP has accelerated its disposal plans in the wake of the Gulf of Mexico oil spill, which has left it committed to funding a $20bn compensation pot, as well as facing potentially huge liabilities for the clean-up operation and the inevitable tsunami of lawsuits.

If BP decided to sell the entirety of its shareholding in Pan American, it would by itself almost entirely account for the $10bn of asset sales which the company has said it is targeting over the next 12 months.

Read more: http://blogs.news.sky.com/kleinman/Post:0a22ed08-7b21-4078-91a6-797a6addbeb4

[aquart]

1. That's nice. We'll take every fucking dime.

[tabatha]

2. It is actually quite nice that they are

not trying to weasel out of it like Exxon.

[dixiegrrrrl]

3. Bet Argentina will heave a sigh of relief.