BP to sell Vietnam assets to help pay oil spill costs

BP said it is to sell gas fields and an associated pipeline and terminal in Vietnam, worth an estimated $1 billion, as the oil giant builds up a cash pile to pay for its Gulf of Mexico oil spill.

A BP spokesman said on Tuesday the company was “exploring divestment options” for the Lan Tay and Lan Do fields and the related Nam Con Son pipeline and Phu My 3 pipeline.

BP has said it plans to raise $10 billion in the coming year to raise cash to cover the clean up and damages claims related to its Macondo well, which was capped last week after leaking up to 60,000 barrels per day of crude for three months.

Earlier on Tuesday a spokesperson in Pakistan said the company planned to sell its upstream assets there.

Reuters

Tags: BP Vietnam

Posted by VBN on Jul 22 2010. Filed under Oil-Gas & Petroleum. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry