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Whiskey Tango Foxtrot
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Bloomberg



BP Plc (BP/) is seeking as much as $7.9 billion before tax payments for a group of Gulf of Mexico oilfields as it unloads assets following its 2010 spill in the region, two people with knowledge of the matter said.

The oil producer, Europe’s biggest after Royal Dutch Shell Plc (RDSA), has prepared preliminary information for prospective buyers of assets including the Horn Mountain, Holstein, Diana Hoover and Ram Powell fields, said the people, who asked not to be identified because the sale process is confidential.

Because of taxes payable by the eventual buyer, the maximum proceeds BP can expect from the fields will probably be $5 billion to $6 billion, one of the people said. The fields, which hold proven reserves of about 120 million barrels of oil, produced about 58,000 barrels a day in the first quarter, the person said.

BP rose 0.9 percent to 450.9 pence in London.

Chief Executive Officer Bob Dudley plans to sell $38 billion of assets by the end of next year, shrinking BP after the accident at its Macondo well, the worst offshore spill in U.S. history, wiped out a third of its market value. The London- based company said in May that it plans to sell some “non- strategic” assets in the Gulf.


bye bye, JERKS.
 
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