BP eyes asset sale after Osborne's oil budget
It looks like BP could be trying to cash in on some UK government largesse.
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.
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Christmas at Chatsworth: review of The Cavendish Hotel at Baslow
MoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
By Dr Matthew Partridge Published
-
Tycoon Truong My Lan on death row over world’s biggest bank fraud
Property tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
By Jane Lewis Published