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BP considers selling USD1bn in North Sea assets.


British oil major BP (LON:BP) plans to offload some USD1bn (EUR751m) in non-core North Sea assets and has approached a number of UK-focused energy firms, The Daily Telegraph reported on Tuesday, citing people in the know.

The UK company unveiled earlier this year plans to sell USD30bn in assets and use the proceeds to cover costs related to an oil spill in the Gulf of Mexico.

The company is now gouging potential investor interest before starting an official procedure on the USD1bn asset sale, the paper wrote.

Representatives at BP could be not immediately reached to comment.Country: , UKSector: Petroleum/Natural Gas/CoalTarget: North Sea assets Vendor: BP plcDeal size in USD: 1bnType: DivestmentStatus: Auction

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Publication:M & A Navigator
Geographic Code:4EUUK
Date:Dec 7, 2010
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