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BP Plc to target USD 40bn in asset sell off PDF Print E-mail
Written by Sam Coventry   
Monday, 06 September 2010 10:04

BP shares higher today on light levels courtesy of public holiday in the US.


BP Plc (LON:BP) has increased the target for its asset sales to USD 40bln from USD 30bln to cover the rising clean-up cost of the Gulf of Mexico oil spill, the Sunday Times reports, citing unidentified sources.

The same publications says BP has put its USD 20bln shareholding in the Prudhoe Bay oil field on the market. BP has also  revived the sale of its Alaskan assets after failing to offload them to US oil and gas company Apache in July.

BP is also thought to be holding advanced negotiations to sell global assets valued at USD 5bln and USD 10bln to TNK-BP.

Elsewhere, US National Incident Commander Allen said that BP Plc’s Macondo well is no longer “a threat”.

On Friday this publication reported that BP has had its fair price share valuation increased by Dolmen Stockbrokers.

The brokers have suggested that BP shares are fairly valued at 510p a share.

This compares to previous suggestions by the broker's research team that 500 was a fair target price to be sought by investors.

The cheery vote of confidence contrasts sharply to that at Barclays - Barclays maintain 400p a share as a fair valuation.

BP share are 1.34% higher at 407.10 this morning.

World stock markets advanced modestly Monday as investors rode momentum from Friday, when an upbeat U.S. jobs report eased fears that the global economy could slip back into recession.

With Wall Street closed for a holiday, however, trading was expected to remain light.

Markets took heart after official data last week showed private employers in the U.S. added 67,000 jobs in August, more than analysts expected.

The figure bolstered optimism that the U.S. will maintain a slow but steady recovery from last year's recession and avoid another economic contraction later this year.

In Europe, Britain's FTSE 100 index was up 0.2 percent at 5,437.95, Germany's DAX was 0.2 percent higher at 6,144.08 and France's CAC-40 was up 0.1 percent at 3,676.74.
Last Updated on Monday, 06 September 2010 10:07
 

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