BP To Sell $1.9 Billion In Colombian Assets

LONDON — BP says it has agreed to sell its oil and gas exploration business in Colombia for $1.9 billion to a consortium of Ecopetrol, Colombia's national oil company, and Talisman of Canada.

The deal announced Tuesday is the latest in BP's plans to sell up to $30 billion of assets to cover costs related to the Gulf of Mexico oil spill.

The company last month agreed to sell assets in the U.S., Canada and Egypt to Apache Corp. for $7 billion. It also plans to sell assets in Pakistan and Vietnam.

BP last week revealed it has set aside $32.2 billion to cover spill costs as it posted a $17 billion second quarter loss.

It will receive a cash deposit for the Colombian sale, which is expects to complete by the end of the year.

Comments

[MARYHOBE]

02:13 PM on 08/07/2010

Americans need to take a long hard look at what this company has done to minimize its liability for ecological damage done to the gulf coast. The excessive use of chemicals that will make that damage harder to track back to the BP blowout plus a massive and unprecedented publicity campaign meant to reassure the public and there you have it: "We do get fooled again"!

[anticapitalist1983]

11:36 AM on 08/04/2010

Everyone who wants to hear voices straight from the gulf should check out "the raging pelican" at http://ragingpelican.wordpress.com/
BP estimates to pay $32 billion for this spill, a mere 10% of their worth. We are trying to get them to pay more. Like, how about a college fund for the fishermen and their kids? That is not a
lot to ask.

[Meer]

05:10 AM on 08/04/2010

They should just sell their US assets to the Chinese.

[bryanzth]

06:17 PM on 08/03/2010

Crrrrrack!

BZ.

[hobo62]

03:18 PM on 08/03/2010

BP knows that Hugo is going to try and start a war with Columbia so he can stay in power. Kind of like how GWB did in Iraq.

[ThePeacemakers]

07:42 PM on 08/03/2010

Columbia is doing everything they can to try to agitate Venezuela.

See, there are those that don't like those countries south of the border saying HELL NO to neo-liberal economics (affectionately known as "Shock Doctrine" economics).

[marignymitch]

02:43 PM on 08/03/2010

Stoners everywhere: 'Colombian. Far out, man.'

[slogward]

12:46 PM on 08/03/2010

Breaking....why the EPA's Corexit decision is a contradictory cover-up.....

http://nbyslog.blogspot.com/2010/08/exclusive-us-government-colluding-in-bp.html

[Tom95134]

12:27 PM on 08/03/2010

Colombian Assets? Now what's the first thing that comes to mind when you say "Colombian Assets"?

[justadood]

01:04 PM on 08/03/2010

my thought exactly.....What exactly are these 'assets'? Is the US going to have to ramp up spending on detox and anti-addiction programmes?

After the past few months, I would certainly not put this past BP...they seem willing to go to whatever lengths they deem necessary to preserve or defend their perceived reputation....

[Birdman72]

01:52 PM on 08/03/2010

Sofía Vergara. duh. Another misleading headline for click-through ad revenue.