By Houston Business Journal

BP Plc Chief Executive Tony Hayward is in the Middle East seeking a possible partial sale to the Abu Dhabi Investment Authority, according to various news reports. The rumors of a 10-percent stake sale to that group or Saudi investors sent BP stock on a 9-percent rise on July 6 .

⿿Smells like an oversold/overshorted name that is rallying on any bit of news that isn⿿t bad,⿝ wrote Tudor, Pickering, Holt & Co. in a note issued Wednesday morning.

Other sources are reporting that BP is considering selling fields in South America and the Far East to help pay for the Deepwater Horizon disaster.

Officially, Haywardâ¿¿s visit was a routine one to discuss the companyâ¿¿s concessions with Abu Dhabi National Oil Company, or ADNOC.

The relief well â¿¿ widely considered to be the only remaining hope of stopping the gusher â¿¿ is still said to be a month away from completion, according to BP. Other sources, however, have reported that the closest well could intersect the gushing well within the week.

The Houston Business Journal is providing continuous coverage of the Gulf oil spill.

Copyright 2010 American City Business Journals
Copyright 2010