BP, Apache in Talks on Asset Sale: Reports

BP is in talks with U.S. oil and gas company Apache on the sale of as much as $12 billion of assets, according to published media reports.
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Updated from Sunday, July 11

LONDON (

TheStreet

) --

BP

(BP) - Get Report

is in talks to sell billions of dollars of assets to U.S. oil and gas company

Apache Corp.

(ALA)

, according to published media reports.

The deal under discussion could include stakes in BP's Alaska operations, according to a report on the

Wall Street Journal's

Web site that cited people familiar with the matter.

The

Journal

report said a possible deal could be as large as $10 billion, but a report in London's

Sunday Times

, which did not cite a source, said it could be worth $12 billion.

Such an asset sale could help BP pay for the clean-up of its oil spill in the Gulf of Mexico.

The company Sunday said it was making progress

in its efforts to install a new containment cap over the leaking oil well.

BP and Apache declined to comment about the reported discussions, according to

The Wall Street Journal

.

BP also declined to comment on a separate report from The

Sunday Times

that said

Exxon Mobil

(XOM) - Get Report

was seeking clearance from the U.S. government to look into a takeover bid of BP.

Meanwhile, BP, in a statement on its Web site Monday, said the costs of responding to the oil spill in the Gulf of Mexico have risen to $3.5 billion.

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This article was written by a staff member of TheStreet.