BP in talks with Apache to sell Alaska fields for spill clean-up

[Judi Lynn]

Source: Bloomberg News

BP in talks with Apache to sell Alaska fields for spill clean-up
Company may also sell assets in Colombia, Venezuela, Vietnam
Bloomberg
Published: 00:00 July 13, 2010

Washington: BP, seeking funds to pay for the biggest US oil spill in history, is in talks to sell some assets including its Alaska oil fields to Apache, two people familiar with the discussions said.

Apache, the largest independent US oil company by market value, is negotiating for assets that include a share in BP's Alaska business, for a price of less than $12 billion (Dh44 billion), according to one of the people, who asked not to be identified because the discussions aren't public.

"Apache is a very smart acquirer and that's been part of their growth over many, many years," Philip Dodge, an analyst at Tuohy Brothers in New York, said.

Apache, based in Houston, has bought BP assets before and is "a company that is very strong financially and liquid.'


Read more: http://gulfnews.com/business/oil-gas/bp-in-talks-with-apache-to-sell-alaska-fields-for-spill-clean-up-1.653408?localLinksEnabled=false&utm_source=Feeds&utm_medium=RSS&utm_term=Business_RSS_feed&utm_content=1.653408&utm_campaign=BP_in_talks_with_Apach

[BrklynLiberal]

1. At first I thought an Indian tribe was going to buy the assets. How disappointing

that it will be just another oil company looking to rape and ravage the land.

[peacetalksforall]

2. So , what names run Apache? What are they previously known for?

[Arctic Dave]

3. IMO, I see Chevron being the winner of this, not Apache.

Chevron is already positioned in Alaska but doesn't have many assets already to spark a monopoly problem. Exxon is looking to develop the Pt Thompson field so taking on Prudhoe Bay operations wouldn't work out well for them.