BP in talks with Apache on Prudhoe Bay assets: report

LONDON (BestGrowthStock) – BP Plc (BP.L: ) (BP.N: ) is in talks to sell up to $12 billion of assets, including a stake in Alaska’s Prudhoe Bay, to Apache Corp (APA.N: ) to help pay for its Gulf of Mexico oil spill, The Sunday Times reported.

The oil major said in June it wanted to raise $10 billion pounds from sell-offs to boost a $20 billion fund for cleaning up what is, 83 days in, the worse oil spill in U.S. history.

The Sunday Times said Houston-based Apache approached BP with the plan a few weeks ago and negotiations were under way on the structure of an agreement.

A BP spokesman declined to comment on market rumors or speculation.

The Sunday Times also said that the Obama administration had told Exxon (XOM.N: ) and another group — which it said was thought to be Chevron (CVX.N: ) — it would not block a bid for BP, citing oil industry sources.

Exxon had sought clearance from Washington although there was no certainty it would make a move, the newspaper said.

Separately, the Independent on Sunday said Standard Chartered (STAN.L: ) was believed to be one of the banks behind a $5.25 billion crisis fund set up for BP in May.

The bank contributed $2 billion to the fund, with Credit Suisse (CSGN.VX: ), Morgan Stanley (MS.N: ) (Read more about the money market today. ) and Goldman Sachs (GS.N: ) said to be among those providing the balance, the newspaper said.

Standard Chartered was named in media reports in June as one of the banks advising on BP’s asset sale.

Both Standard Chartered and BP declined to comment to the Independent on Sunday.

(Reporting by Paul Sandle; Editing by Hans Peters)

BP in talks with Apache on Prudhoe Bay assets: report