BP Signs North America and Egypt Asset Deals with Apache
22-07-2010: BP announced that it has entered into several agreements to sell upstream assets in the United States, Canada and Egypt to Apache Corporation. The deals, together worth a total of $7 billion, comprise BP’s Permian Basin assets in Texas and south-east New Mexico, US; its Western Canadian upstream gas assets; and the Western Desert business concessions and East Badr El-din exploration concession in Egypt.
The decision to make these divestments follows the announcement made by BP last month that it was increasing its target for divestments to $10 billion. The proceeds of the sales will be used by BP to increase the cash available to the group.
BP Chairman, Carl-Henric Svanberg, said: “Over the last two months the Board has considered BP’s options for generating the cash necessary to meet the obligations likely to arise from the Gulf of Mexico oil spill. BP has an extremely strong asset base which is diversified geographically as well as by asset class. The Board believes that there are opportunities to divest assets which are strategically more valuable to other parties than they are to BP. Today’s announcement is the first such transaction and meets the value and strategic criteria of both parties.”
BP group chief executive Tony Hayward said: “We have achieved an excellent price for a set of properties that are worth more to others than to BP. This is a good first step which underlines our ability and determination to get maximum value for everything we sell.”
BP is to establish a $100 million international research centre, known as the BP International Centre for Advanced Materials, or BP-ICAM. This centre will lead research aimed at advancing the fundamental understanding and use of materials across a variety of industrial applications. The B ... more
The board of BP p.l.c. announced that Andrew Shilston will join the Board as a non-executive director with effect from 1st January 2012. Andrew Shilston is currently chief financial officer at Rolls-Royce Holdings plc. Carl-Henric Svanberg, chairman of BP, said: “We continue to strengthen ... more
ABB signed a three-year frame agreement worth $33 million with BP Norway for maintenance, modification and service of the safety and automation systems of all of its oil field operations on the Norwegian continental shelf. The agreement signed in the third quarter includes the option to ext ... more
BP's chemical business is focussed on aromatics and acetyls, producing and marketing PX, PTA, acetic acid, acetic anhydride and derivatives primarliy in the US, Europe and Asia.
In Germany and China, BP also produces and markets olefins and derivatives. more
Together with the Gelsenkirchen-Scholven plant, the Horst plant forms an integrated refinery. The two plants are linked by a pipeline system. Apart from oil processing, which takes place at both plants, BP Refining & Petrochemicals GmbH operates two crackers for the production of ethylene a ... more
BP announced that it has entered into several agreements to sell upstream assets in the United States, Canada and Egypt to Apache Corporation. The deals, together worth a total of $7 billion, comprise BP’s Permian Basin assets in Texas and south-east New Mexico, US; its Western Canadian ups ... more