BP may sell fields for compensation

BP may sell its fields in Colombia, Venezuela and Vietnam to meet the costs of the massive Deepwater Horizon oil spill in the Gulf of Mexico. BP might also reportedly sell its 60% holding in Pan American Energy, Argentina’s second-largest oil producer. The company has pledged to raise USD 10 billion through assets sales in the next 12 months to pay the costs of compensating victims of the Gulf of Mexico oil spill caused by the blowout of the Macondo well in April 2010. The company said disposals would concentrate on oil and gas fields outside regions promising production growth. BP has a gas field and pipeline in Vietnam and holds stakes in three production ventures in Venezuela. It is also a partner in two of Colombia’s largest oilfields.

Previous articleCircor India acquires
Next articleHigh flow valves