BP sells 60pc stake in Pan American Energy to Bridas Corp for $7.1b
Monday, 29 November 2010
LONDON, Nov 28 (Bloomberg): BP Plc, seeking to cover clean-up costs in the Gulf of Mexico, said it has entered into an agreement to sell its 60 per cent interest in Pan American Energy to Argentina-based oil and gas company Bridas Corp.
Bridas will pay $7.06 billion in cash for the holding, making it the sole owner of PAE, BP said in a statement today. The transaction is expected to be completed in 2011.
BP is seeking to conserve capital and avoid risk after the spill at its Macondo well in the Gulf of Mexico left it facing a bill projected to reach $40 billion. The company said in July it was planning to sell $30 billion in assets by the end of 2011. Divestments to date, including the PAE sale, total around $21 billion.
Bridas will pay $7.06 billion in cash for the holding, making it the sole owner of PAE, BP said in a statement today. The transaction is expected to be completed in 2011.
BP is seeking to conserve capital and avoid risk after the spill at its Macondo well in the Gulf of Mexico left it facing a bill projected to reach $40 billion. The company said in July it was planning to sell $30 billion in assets by the end of 2011. Divestments to date, including the PAE sale, total around $21 billion.