BP is weighing a sale of its majority stake in the Constellation oilfield in the Gulf of Mexico, according to people familiar with the matter, as it pushes ahead with a divestment programme.
The oil exploration and production giant has reached out to potential buyers of the deepwater asset, which could achieve a value of around $200 million in any sale, the people said, asking not to be identified because they aren’t authorised to speak publicly.
The field is expected to attract interest from closely held peers and larger corporations, according to the people. A representative for BP declined to comment.
A sale would form a small part of BP chief executive Bernard Looney’s plan to divest $25bn in assets by 2025 to cut debt and transform the company into a clean-energy giant. BP is also in discussions about a sale of a roughly 10 per cent stake in a key gas field in Oman, Bloomberg News reported in June. Investors have so far remained skeptical of the plans, with BP’s stock down 58 per cent this year through Wednesday, giving it a market value of £40bn pounds ($52bn).
The Gulf of Mexico has emerged as a source of stability and a steady source of cash-flow during this year’s oil-price rout, in contrast to the previous six years when the offshore region was overlooked by many companies in favor of shale.
BP owns 66.7 per cent of the Constellation field, which produces about 10,000 barrels a day, according to its website. The remainder is held by operator Occidental Petroleum, which inherited it through its $37bn purchase of Anadarko Petroleum last year. Occidental has so far held onto the former Anadarko Gulf assets, even as it’s been aggressively trying to sell elsewhere to raise money and pay down debt.
SPECS
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Tips to avoid getting scammed
1) Beware of cheques presented late on Thursday
2) Visit an RTA centre to change registration only after receiving payment
3) Be aware of people asking to test drive the car alone
4) Try not to close the sale at night
5) Don't be rushed into a sale
6) Call 901 if you see any suspicious behaviour
The biog
Name: Timothy Husband
Nationality: New Zealand
Education: Degree in zoology at The University of Sydney
Favourite book: Lemurs of Madagascar by Russell A Mittermeier
Favourite music: Billy Joel
Weekends and holidays: Talking about animals or visiting his farm in Australia
more from Janine di Giovanni
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Company%20Profile
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
About Takalam
Date started: early 2020
Founders: Khawla Hammad and Inas Abu Shashieh
Based: Abu Dhabi
Sector: HealthTech and wellness
Number of staff: 4
Funding to date: Bootstrapped
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
TV: World Cup Qualifier 2018 matches will be aired on on OSN Sports HD Cricket channel
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Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
