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WORLD

BP plans to sell $1 billion of North Sea assets

09.12.2010 [13:46]
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Baku, December 9 (AZERTAC). Oil company BP has approached several UK-focused energy companies about a potential sell-off of about $1 billion of its North Sea assets, The Daily Telegraph said.

The British newspaper cited companies and bankers as saying the embattled oil and gas firm had approached them on a pre-tender basis regarding a portfolio of non-core fields before any official auction.

"We`ve been having a look at some gas assets, but it`s very early on," the Telegraph cited one energy company executive as saying. "It`s about seeing whether they`d be a good fit."

The Telegraph also said, without citing sources, that oil giant ExxonMobil was also looking to sell $2 billion worth of North Sea assets, as the low-margin fields become less attractive to large companies with high dividend policies.

No one at BP was immediately available for comment.

BP said earlier this year it would sell $30 billion of assets as part of a strategy to raise cash to pay for the costs of an oil spill in the Gulf of Mexico last April.

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