BP Plc seeking to cover clean-up costs in the Gulf of Mexico

BP Plc, trying to cover cleanup costs in the Gulf of Mexico, agreed to sell its 60 percent interest in Pan American Energy in Argentina based oil and gas company Bridas Corp.

Bridas pay 7.06 billion U.S. dollars in cash for the operation, making it the sole owner of PAE, BP said in a statement. The transaction is expected to be completed in 2011.

BP is the objective of preserving capital and avoid risk after stroke in Macondo and the Gulf of Mexico left him facing a bill expected to reach $ 40 billion and forced the former chief executive, Tony Hayward, to resign. The oil company said in July it planned to sell $ 30 billion in assets at the end of 2011. Divestitures to date, including the sale of PAE, the total of about $ 21 billion.

"Now we have agreements in place that should ensure the majority of our goal of divestment," said BP Chief Executive Robert Dudley said in a statement. "We will continue to identify assets, in addition it may be strategically more valuable to others than to BP as completing the program."

Colombia, Tanzania

In July, BP agreed to sell assets in North America and Egypt to Apache Corp. for $ 7 billion, while in August, the company has fields in Colombia, Ecopetrol and Talisman Energy Inc. for $ 1900 million. BP has sold its operations in Vietnam and Venezuela to its partner in joint Russian venture TNK-BP for $ 1.8 billion.

The company agreed earlier this month to sell its fuels marketing businesses in Namibia, Botswana and Zambia to Puma Energy, as well as 50 percent in the interests of BP BP Malawi and Tanzania to Trafigura Beheer BV unit for U.S. $ 296 million in cash. Last month, BP sold shares in four oil Gulf of Mexico deepwater and gas deposits of $ 650 million following the sale of its role as operator of the fields of Tubular Bells.

Bridas BP will pay a cash deposit of $ 3.53 billion and the rest to complete the sale, BP said. PAE controlling stakes in four hydrocarbon basins in Argentina, where is the second largest producer of oil and gas.

Bridas is 50 percent owned by China's CNOOC Ltd., which spent 3.1 billion U.S. dollars to buy the game in March. The operation marked the entry of CNOOC in Latin America and topped the 2.7 billion U.S. dollars in 2006 paid for a stake in an oilfield in Nigeria.

CNOOC and Bridas Energy Holdings will contribute $ 4,940,000,000 for Bridas to finance 70 percent of the acquisition, the company said in a statement. The remaining 30 percent will be paid with loans from third parties, CNOOC said.