In an effort to cut back on capital expenditures, BP (NYSE:BP) is looking at reducing how many operatorships it holds in the Gulf of Mexico.
Although BP refused to comment on this strategy, they did confirm they sold a part of their stake in deepwater oil field Tubular Bells to existing partner Hess Corporation (NYSE:HES).
That will double the stake Hess holds in the oil field to 40 percent, with BP's stake dropping to 30 percent.
BP at this time has oil production going at over 20 deepwater offshore wells in the Gulf, the largest operator in the area, and the largest license holder.
The goal concerning capital spending for the year is to cut it by somewhere around 10 percent, as they push toward raising more capital to pay for liabilities connected to the oil spill.
So we should see BP selling more of their operatorships in the Gulf until they reach the desired levels they're comfortable with.
Concerning other assets, those held in Vietnam and Venezuela are reportedly close to receiving a formal offer from TNK-BP this week, which is a joint venture between between and a group of Russian billionaires.
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BP is about to launch its BPCares website. In an unprecedented effort by the oil giant, BP will move its PR campaign to cyberspace with the newly acquired BPCares domains. The domains that was acquired are as follows:
BPCares.com
BPCares.net
BPCares.org
BPCares.info
BPCares.us
BPCares.biz
In a recent press release issued by the web developer, " this website will rebrand the oil giant as a company going 'beyond petroleum'!
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