BP To Possibly Sell Assets to Recover Oil Spill Debt?

As a result of the BP oil spill, the company is looking for ways to generate funds to pay for the damages.  One solution to the oil giant’s problems may have been found.

Reports were circulating Sunday that BP was in negotiations with Apache to sell close to $12 billion in assets, which includes several BP reserach and development projects in addition to some BP stock.

Other areas of interest that Apache would acquire from BP would be oil explorations projects located in Canada, the Gulf of Mexico, Egypt, and western Australia.

It has also been reported that ExxonMobil is interested in acquiring stake in BP.  However, President Barack Obama needs to review all offer prices prior to any sale actually taking place.

The BP oil spill unquestionably took a toll on the company, and any way it can seek external funding will most certainly help it rebuild its reputation.  The goal for the organization is to raise close to $10 billion during the remainder of this year to compensate for the costs of the oil spill.

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