BP said last week it will sell minority interests in certain U.S. pipeline assets in Permian Basin and Eagle Ford Shale to investment firm Sixth Street for $1.5 billion. Reuters reported that the sale is part of a $20 billion divestment program aimed at bringing debt levels down and comes as BP reviews its oil and gas portfolio and cuts costs.
Once the sale is completed, BP’s U.S. onshore oil and gas business, BPX Energy, will hold a 51 percent stake in Permian assets (from 100 percent) and 25 percent in Eagle Ford assets (from 75 percent). Oil & Gas Journal said BPX will remain operator of all the assets.
The BPX assets include pipelines and other infrastructure in Permian Basin and Eagle Ford, including four central processing sites in Permian (Grand Slam, Bingo, Checkmate and Crossroads) with combined capacity of 100,000 b/d of oil and 600 million cfd of natural gas.
Leave a Reply