Monday, September 27, 2010

BP (NYSE:BP) Approved by Venezuela to Sell Oil Assets

In an attempt to raise up to $30 billion to pay for liabilities related to the Gulf of Mexico oil spill, BP (NYSE:BP) is trying to sell assets in Venezuela, and they've been given approval by the government to go ahead with the process.

The assets held in Venezuela include an interest in heavy oil and minority stakes in two exploration and production ventures with state-owned oil company PDVSA.

Combined it is estimated BP should be able to raise up to $1 billion from the assets. Although a relatively minor deal in comparison with others, it is one of the bigger challenges for the company to divest of.

The only two companies considered a buyers for the stakes are PDVSA itself, and possibly the joint venture of BP with Russia called TNK-BP. The Russian connection would make it more palatable to Venezuela.

BP holds a 50 percent stake in TNK-BP, which also has interests in Vietnam and Algerian assets held by BP.

1 comment:

L. River said...

Alabama Road to Restoration:
Integrated Recovery Strategies for the Gulf Coast
Forum I

Tuesday and Wednesday, October 5 – 6, 2010
We invite you to register for and participate in the conference Alabama Road to Restoration. Please save the dates, Oct. 5th and 6th, and plan to attend a forum at the Perdido Beach Resort in Orange Beach, Alabama.

The Deepwater Horizon oil spill resulted in millions of gallons of oil gushing into the Gulf of Mexico causing economic and ecological damage to the Gulf States - the full extent of which is not yet known. In an effort to aid in the process of restoration for Alabama and the region as a whole, Auburn University is hosting a forum, the first in a series, bringing together stakeholders from the local and scientific communities, the private sector, non-profits, and local, state and federal resources. This will result in a collection of current needs and ideas that may be implemented to help accelerate recovery during this disaster and in others.

The mission of this event is to convene individuals who will play a significant role in the restoration and renewal of the economy, environment and communities affected by the damage caused by the massive Deepwater Horizon oil spill catastrophe. The successful recovery of the Gulf of Mexico will depend on the creation of a vibrant, long-term dialogue among Gulf stakeholders and the institutions, organizations and policy makers who will be expected to identify and provide regulatory and other assistance for the restoration. Creating a collegial foundation for this dialogue will lead to consensus-driven research and a sound and future-sensitive strategy for the Gulf Coast.

For registration and additional information please visit the website for the forum at:

Auburn University is an equal opportunity educational institution/employer.