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BP selling upstream holdings in Pakistan & Vietnam
(7/20/2010 - OGI: London) Beleaguered by multi-billion dollar liabilities resulting from its Macondo blowout in the US Gulf of Mexico and the oil spill that followed, BP has targeted holdings in Pakistan and Vietnam to be sold off for cash to help pay some of those liabilities.
BP spokesman Robert Wine said today all of the company's upstream assets in Pakistan are on the block for 100% sale and that some of its Vietnamese assets are being sold as well. He said the government and the company's employees have been notified of the pending sales. He said the transactions are still in early stages and would not divulge the names of potential buyers or the prices being asked for on either package.
In Pakistan, BP has producing fields, primarily on the Badin Block in Sindh Province, the Mirpurkhas Khipro (MKK) Blocks nearby, as well as deepwater blocks U, V, and W offshore Pakistan in the Indus Delta. Wine said it is planned to have this sale concluded by yearend.
In Vietnam, where BP has major interests in a range of gasfields, an associated pipeline, and a terminal, which the company has valued at approximately US$1 billion. It is reported to be offering to sell its Lan Tay and Lan Do Fields and their Nam Con Son and Phu My 3 pipelines.
The company is also bundling a number of other attractive assets to sell to the highest bidder in hopes of garnering a total of some $10 billion, which it believes would cover about half of its anticipated cost due to the US Gulf disaster. So far, the company has reported spending $3.95 billion on both the efforts to cap and kill the well and clean up the massive oil spill.
Click here for earlier report.
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