BP sells $7bn stake in Pan American unit

first_img Share Monday 29 November 2010 8:07 pm Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodaySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmReporter CenterBrenda Lee: What Is She Doing Now At 76 Years of Age?Reporter Center whatsapp whatsappcenter_img More From Our Partners Supermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comWhy people are finding dryer sheets in their mailboxesnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.com SHARES in oil major BP closed lower yesterday after the company said at the weekend it had agreed to sell its 60 per cent interest in Pan American Energy for $7bn (£4.5bn).Analysts welcomed the sale, saying it was another milestone in the company’s rehabilitation, as it claws its way back from its Gulf of Mexico oil spill, selling assets to cover the expected $40bn cost.“The $7.06bn price tag for the asset base sold is more than fair in our view,” said ING oil analyst Jason Kenney. The deal takes BP close to its target of raising $25bn to $30bn in asset sales by the end of 2011, with $21bn in sales agreed in recent months. BP has already sold assets in Venezuela, Egypt and Vietnam. BP has also said it is looking for a buyer for its gas fields in Pakistan, and sales which BP sources said were under consideration include some of BP’s Alaskan fields and interests in Algeria. BP said on Sunday that it had agreed to sell the Pan American stake to Bridas, which is half owned by China’s CNOOC and the family of Argentine tycoon Carlos Bulgheroni. The stake BP is selling represents reserves of 917m barrels of oil equivalent (boe) and production of 143,000 boe per day. BP has said it expects its production to fall to 3.5m boe per day, from four million boe per day last year, as a result of its divestment programme. The shares closed down 1.8 per cent at 436p yesterday. BP sells $7bn stake in Pan American unit KCS-content Tags: NULLlast_img