Colombian Assets Sold For US$1.9b
Source: Agencies |
August 4, 2010, Wednesday
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Print Edition
Print Edition
BP has agreed to sell its oil and gas exploration business in Colombia for US$1.9 billion to a consortium of Ecopetrol, Colombia's national oil company, and Talisman of Canada.
The deal announced yesterday is the latest in BP's plans to sell up to US$30 billion of assets to cover costs related to the Gulf of Mexico oil spill.
The company last month agreed to sell assets in the United States, Canada and Egypt to Apache Corp for US$7 billion. It also plans to sell assets in Pakistan and Vietnam.
BP last week revealed it has set aside US$32.2 billion to cover spill costs as it posted a US$17 billion second-quarter loss. It will receive a cash deposit for the Colombian sale, which is expected to complete by December.
The deal announced yesterday is the latest in BP's plans to sell up to US$30 billion of assets to cover costs related to the Gulf of Mexico oil spill.
The company last month agreed to sell assets in the United States, Canada and Egypt to Apache Corp for US$7 billion. It also plans to sell assets in Pakistan and Vietnam.
BP last week revealed it has set aside US$32.2 billion to cover spill costs as it posted a US$17 billion second-quarter loss. It will receive a cash deposit for the Colombian sale, which is expected to complete by December.
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