It looks like BP could be trying to cash in on some UK government largesse.
The Sunday Times reported yesterday that the oil giant is offering to sell around £2bn worth of assets in the North Sea.
The paper claims the sale has been prompted by the Chancellor George Osborne's decision in this year's Budget to underwrite 75% of the decommissioning costs of taking down oil rigs.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Potential buyers of North Sea fields have been put off investing because of fears at facing a big bill at the end of a project.
At 10:06 BP shares had risen 0.34%. So far this year the stock is 4% ahead.
-
Average earners now face £200,000 inheritance tax bill - how much will your estate owe?‘Double whammy’ of inheritance tax changes means even the estates of those earning the average UK wage could face bills, not just the very wealthy
-
Are the wealthy dodging more tax than previously thought?A new report suggests tax non-compliance among the wealthy could be worse than previously imagined. Is an overly complex system partly to blame?
