BP is in talks with US oil and gas company Apache Corp and others to sell assets worth up to $10 billion as it grapples with the costs of its spill in the Gulf of Mexico.
BP shares surged more than 9% in London and nearly 8% in New York today, driven by the potential asset sales and hopes for a new system to capture almost all of the spewing oil that has fouled coastlines and hurt tourism and fisheries in five states.
The British energy giant is in talks with Apache and others about potential asset sales, including stakes in its Alaskan oil fields, said a source familiar with the situation.
The talks are at an exploratory stage and it was not certain whether any plans would be advanced enough to be disclosed before BP announces second quarter earnings later this month, the source said.
BP and Apache declined to comment on the reports.
The asset sale talks come as scrutiny of BP ramps up with President Barack Obama's independent commission holding its first public hearings in New Orleans today and tomorrow.
The panel of seven engineers, environmentalists and former politicians will investigate decisions by oil companies and government regulators that may have led to the worst oil spill in US history.
BP, whose shares have fallen about 40% since an explosion on its Deepwater Horizon rig on April 20 unleashed the oil into the Gulf of Mexico, is under enormous pressure to halt the leak.
It expects to attach a new containment system today that could capture up to 80,000 barrels of oil per day, more than triple current levels of about 25,000 barrels.
BP, which said the cost of the spill was now about $3.5 billion (€2.8 billion), expects its first relief well to reach the blown-out well late this month - a first step in finally plugging the gusher by the first half of August as planned.
BP said more than 52,000 payments have been made to claimants, totalling almost $165m. About 105,000 claims had been submitted, it added.
