BP Weighs Sale of North Sea Assets to Raise Funds for Gulf Cleanup
The company's Macondo well in the Gulf of Mexico exploded in April, leading to the most massive oil spill in U.S. history. BP, the largest European oil producer by volume, has set aside $40 billion for cleanup and compensation, and is now raising capital to shore up its finances. BP aims to divest as much as $30 billion in assets by the end of next year. Already this year, it has sold assets in North America, South America, Asia and Africa for a total of about $21 billion.
A spokesperson for the British company would not comment to Bloomberg about the sales, but told the wire service that "The North Sea remains important to BP globally," and that the company intends "to be a part of that region for a long time."
The Daily Telegraph first reported BP's possible sale of North Sea assets earlier Tuesday.