Sunday, July 25, 2010
Seems like BP is aggressively seeking to shed assets in a bid to generate cash to fund the $20 billion compensation account for the damages associated with its ongoing mess in the Gulf of Mexico. BP started with series of sales of Alaskan, Canadian and Egyptian-based assets to Apache, raising $7 billion. Now comes word from the Vietnam News Agency that BP plans to sell its interests in Vietnam. These include the Lan Tay and Lan Do offshore gas fields which have been producing for more than a decade, the Nam Con Son gas field, as well as BP's 720MW Phu My gas-fired power plant The sale may generate an additional $1.3 billion for Gulf compensation fund.