July 19, 2010 / 10:55 AM / in 9 years

BP-Apache talks on Prudhoe Bay Oil hit snag: report

(Reuters) - BP Plc’s talks to sell half its stake in Alaska’s Prudhoe Bay oil field to Apache Corp stalled twice over the weekend, raising doubts about whether the deal will be completed, Bloomberg said, citing a person with knowledge of the matter.

Talks between BP and Apache hit a snag over issues ranging from the valuation of the deal to how current and future legal liabilities will be addressed, Bloomberg said.

BP is in talks with Apache and other companies over potential asset sales.

BP, Apache and their advisers will probably reach out to each other again before letting the deal lapse, Bloomberg said, citing the person familiar with the matter.

BP spokesman Robert Wine declined to comment on the story. Reuters could not immediately reach Apache, which had declined to comment to Bloomberg, outside regular U.S. business hours.

Reporting by Amulya Nagaraj in Bangalore; Editing by Lisa Von Ahn

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