Friday, October 15, 2010

BP (NYSE:BP) Keeping Deepwater Assets

BP (NYSE:BP) and partner TNK-BP, a joint venture between BP and Russian billionaires, announced today they have a confirmed deal is now in place over some assets held in Venezuela by BP.

The oil giant has been selling a number of assets, and others are on the block, in order to raise around $30 billion to pay for growing liabilities from the Gulf oil spill.

A number of onshore and natural gas assets have already been sold.

With the oil future in deep water though, BP is holding onto those assets, and aren't considering selling them. That includes natural gas deepwater drilling off of Azerbaijan.

Contrary to what appears to be a move away from deepwater drilling, it is in fact expanding fast, as huge resources are believed to be in waters which have had little, if any, exploration done on them.

With the huge known natural gas reserves discovered, many energy companies are doubling their efforts in the much more profitable oil sector.

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