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November 29, 2010    

BP continues with asset disposal to fund clean-up operation

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by Kay Murchie
BP continues with asset disposal to fund clean-up operation

Oil giant BP announced it has disposed of its 60% stake in Pan American Energy to Bridas Corporation in a deal worth $7 billion (£4.5 billion).

The latest deal is part of the company’s asset selling plan, designed to fund the clean-up operation relating to the Gulf of Mexico oil disaster - estimated to be in the region of $40 billion.

The disaster happened after an explosion on a BP oil rig on 20 April, which took the lives of 11 people. The explosion led to approximately 4.9 million barrels of oil leaking from the damaged well.

The well was permanently sealed on 19 September.

Meanwhile, shares in the oil company rose after today’s announcement and follows the sale of $20 billion of assets since July.

Commenting on the deal, BP group chief executive Bob Dudley said: “Today’s agreement further demonstrates both the high quality and attractiveness of the assets throughout BP’s portfolio, and also the company’s ability to meet our significant financial commitments arising from the Gulf of Mexico tragedy.”

In the meantime, the company has said it is seeking a buyer for its gas fields in Pakistan.

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