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	<title>BIGgoss.com World News &#187; BP</title>
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		<title>BP Sells Assets to Fund Oil Spill Clean-up</title>
		<link>http://biggoss.com/bp-sells-assets-to-fund-oil-spill-clean-up-2010120.html</link>
		<comments>http://biggoss.com/bp-sells-assets-to-fund-oil-spill-clean-up-2010120.html#comments</comments>
		<pubDate>Tue, 20 Jul 2010 06:12:37 +0000</pubDate>
		<dc:creator>Herbert</dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[BP]]></category>

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		<description><![CDATA[British Petroleum (BP) is going to sell their assets in Canada, Texas and Egypt, to fund the clean-up operation of oil spill in Gulf of Mexico.
BP already had made a deal of $7 billion with Apache Corp. it is a US-base oil production company.
The earnings will be used to fund the clean-up expenses and the [...]]]></description>
			<content:encoded><![CDATA[<p>British Petroleum (BP) is going to sell their assets in Canada, Texas and Egypt, to fund the clean-up operation of oil spill in Gulf of Mexico.</p>
<p>BP already had made a deal of $7 billion with Apache Corp. it is a US-base oil production company.</p>
<p>The earnings will be used to fund the clean-up expenses and the amount of damages and claims of the people and businesses been damaged by the oil spill disaster.</p>
<p>US Incident Commander Admiral Thad Allen said that the pressure test being conducted by BP appeared to be firm and stable.</p>
<p>They have found five leaks around the valves of the well, which they shut it using a new cap. Still there are only some minor drips rather than serious problems with regard the leaks.</p>
<p>According to Allen, the oil giant and the US government are still discussing about the possible tactic to use to stop the spill, it is called the static-kill, and it is a process of pumping drilling mud and cement to stop the leak flows into the well.</p>
<p>BP chairman Carl-Henric Svanberg said the agreement they have with Apache was the very first assets sale the company made to fund the amount costs by the spill.</p>
<p>The assets being sold by their company, includes gas processing plants and oil fields in New Mexico and Texas that worth $3.1 billion, while their Western Canadian gas business gave them an amount of $3.25 billion to cover their expenses .</p>
<p>With regard to their deal in Apache, it will also include the oil exploration and production of assets in Egypt that gave them an amount worth $650 million.</p>
<p>There still some assets that the oil giant considers to put on sale, their assets in Pakistan and Vietnam, Chile, Bolivia and Argentina are thought to have a value of $9 billion, which they are going to use to fund further expenses of the ongoing clean-up process in the Gulf of Mexico.</p>
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