BP nears $7 billion asset sale to Plains Exploration: report
NEW YORK (Reuters) - BP (BP.L) is close to a deal to sell some of its Gulf of Mexico offshore oil fields for around $7 billion to Plains Exploration & Production Co PXP.N, the Wall Street Journal reported on Sunday, citing people familiar with the matter.
A deal could be announced as early as this week, although negotiations are continuing and talks could still fall apart, the report said. The assets received initial interest from several bidders, and another buyer could still emerge, the Journal added.
The transaction, if completed, would be a big bite for Plains, a Houston-based independent oil explorer and producer that has a market capitalization of $5.2 billion as of Friday.
Plains is expected to take on debt to pay for the deal, the Journal reported.
U.K.-based BP has been selling off assets to help pay for the 2010 Gulf of Mexico oil spill.
Representatives for BP and Plains Exploration were not immediately available for comment on Sunday.
(Reporting by Soyoung Kim; Editing by Diane Craft)
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