BP ups asset sale target after massive oil spill: report

5th September 2010, Comments 0 comments

Oil giant BP has increased to 40 billion dollars the amount it wants to raise from an asset sale programme in the wake of the Gulf of Mexico oil spill, the Sunday Times newspaper reported.

The 40 billion (31 billion euro) figure is an increase from the previous goal of 30 billion dollars.

The target figure reportedly includes the planned sale of its 20 billion dollar, 26 percent stake in North America's largest oil field, Prudhoe Bay in Alaska, which is on the market.

"They're being very clear. For the right price, they'll sell," an unidentified source told the Sunday Times.

The paper also said BP was in talks to dispose of up to 10 billion dollars of international assets to TNK-BP, its Russian joint venture.

BP has spent eight billion dollars battling the huge Gulf of Mexico spill which followed an explosion on an oil rig off the Louisiana coast in April.

The British-based group has forecast that the environmental disaster will cost it a total of about 32.2 billion dollars.

© 2010 AFP

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