Europe's No. 2 oil producer, BP plc (ADR)(NYSE:BP) is
looking to raise close to $8 billion (before taxes) through the sale of assets
in its Gulf of Mexico oilfields, a report said on Tuesday.
The fields hold proven oil reserves of 120 million
barrels of oil and had produced 58,000 barrels a day of oil in the first
quarter, Bloomberg reported, quoting a an unidentified person.
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The company had prepared preliminary information for
prospective buyers for the oilfields, which was the scene of the worst oil
spill in history following an accident by the company in 2010 that wiped out
nearly a third of its market value.
The oilfields on the block include the Horn Mountain,
Holstein, Diana Hoover and Ram Powell fields, the report said.
The net consideration that the company will be able to
get after the payment of taxes would be about $5 to $6 billion, Bloomberg said.
Chief Executive Officer Bob Dudley plans to sell $38
billion of assets by the end of next year and earlier this year the
London-based company had said that it planned to sell some non-strategic assets
in the Gulf region.
Bloomberg said that a BP spokesman declined to comment
on the details of the sale.
The Gulf of Mexico fields are some of the most productive
and profitable in the company's portfolio. Dudley had earlier said on a
conference call that the company wanted to focus more on the production hubs of
Thunder Horse, Atlantis, Mad Dog and Na Kika fields.
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The company has six rigs working in the region and
plans to have eight by the end of the year, the most ever.
European companies such as Norway's Statoil ASA have
been eyeing this region for a while now as it is closer to the U.S. energy
market that offers a lot of opportunities and always has the advantage of lower
taxes.
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