BP, Europe's second-largest oil company, is reportedly in talks with EnQuest Plc regarding the sale of about $658 million worth of the British oil giant's North Sea assets. BP previously announced it would sell some of its North Sea assets as part of its $30 billion asset sales program.
BP (BP) has sold roughly $25 billion in assets to help raise cash to pay for costs related to the Gulf of Mexico oil spill. BP last year put up for grabs several of its aging oil and gas fields in the North Sea, according to Dow Jones.
EnQuest, which specializes in exploring for crude in the North Sea, said it may have about $823 million to spend on acquisitions. The company is looking to acquire North Sea assets that larger companies such as BP may no longer be interested in.
While BP has sold roughly $25 billion in assets, those asset sales have weighed on the company's output figures and investors have urged CEO Bob Dudley to sell even more than $30 billion assets to improve the company's cash position and its ability to pay dividends at pre-spill levels.