BP to continue asset-selling programme

11 November 2013

UK company BP has divested $38bn of assets in past three years

UK energy major BP plans to continue its programme of selling off oil and gas assets after divesting $38bb-worth of assets in the past three years, according to the company’s chief executive officer, Bob Dudley.

“We have not identified which assets will be for sale,” said Dudley, speaking at Adipec 2013 – the Abu Dhabi International Petroleum Exhibition and Conference – in Abu Dhabi on 10 November. “But we have a big portfolio and we have broken that emotional bond with not wanting to sell assets.”

In March this year, BP sold its 50 per cent stake in Russia’s TNK-BP to help pay for damaged caused by the Deepwater Horizon disaster in the Gulf of Mexico.

When asked about North African assets, Dudley said the company was committed to its operations in Egypt and Algeria.

“We are very loyal to our relationships in Egypt,” he said, adding later: “We remain committed to Algeria and it is not on our list of things to divest.”

BP is has bid for a stake in Abu Dhabi’s new onshore concessions, which will be formed next year. The company is also developing the major $15-20bn Khazzan tight gas project in Oman.

 

 

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