Some major BP shareholders are pressing CEO Bob Dudley to extend the British oil giant's asset sales program with one investor saying the company ''needs to be shrunk considerably.'' Following the Gulf of Mexico oil spill, BP pledged to sell $30 billion in assets to raise cash and has thus far sold $24 billion worth of assets.
One investor quoted by London's Sunday Times said it would be promising to see Dudley sell much more than $30 billion in assets he has pledged to divest. BP (BP), Europe's second-largest oil company, should be able to find plenty of willing buyers for any of assets it is looking to part with as there are ample buyers currently looking for international energy assets.
Some investors and analysts have voiced concern that BP's asset sales will eventually hamper production and profits. BP has already sold prime assets in North America and Egypt to Apache (APA) and its assets in Colombia to Ecopetrol (EC) and Talisman Energy (TLM).
There was even speculation last week that BP could consider selling its 50% stake in TNK-BP, its joint Russian venture, to get its $16 billion share swap with OAO Rosneft done, though that move was viewed as unlikely. Investors did not specifically highlight specific assets BP should sell going forward.
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