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Monday, November 29, 2010
BP, plc has entered into an agreement to sell its interests in Pan American Energy (PAE) to Bridas Corporation. PAE is an Argentina-based oil and gas company owned by BP (60 percent) and Bridas Corporation (40 percent). Bridas Corporation will pay BP a total of $7.06 billion in cash for BP’s 60 percent interest in PAE, which is expected to close in 2011. The sale of its interests in PAE is part of BP’s plan, announced in July 2010, to divest up to $30 billion of assets by the end of 2011, in part related to the Deepwater Horizon incident in the Gulf of Mexico.
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Posted by:
RigData Offshore
Category: Gulf of Mexico
Tags:
Deepwater Horizon
Bridas Corporation
BP
Pan American Energy