BP asset sale

BP Weighs Sale of North Sea Assets to Cover Gulf Costs

BP is apparently considering the $1 billion sale of some of its assets in the North Sea as it tries to cover cleanup costs from the Gulf of Mexico oil spill. The company's Macondo well in the Gulf of Mexico exploded in April, leading to the most massive oil spill in U.S. history.

BP May Be Preparing More Asset Sales

Several media have reported that BP will increase its target for asset sales to as high as $40 billion. This almost certainly mean disposing of its aging oil field holdings in Prudhoe Bay, Alaska, which may be worth as much as $20 billion.

BP Selling $7 Billion Worth of Assets to Apache

Apache Corporation (APA) has reportedly agreed to purchase $7 billion worth of assets from BP (BP). The assets include all of BP's oil and gas facilities and land in the Permian Basin of West Texas and New Mexico and the Western Desert region in Egypt. Apache will also gain control of much of BP's gas business in western Canada.