BP is in exclusive talks to sell up to $12 billion (£8 billion) of assets to Apache Corporation, an American rival, including a big stake in Alaska’s Prudhoe Bay, the largest oil field in North America, it was reported Sunday.
Apache approached BP with the plan a few weeks ago. Negotiations are under way over the structure of the agreement and what other assets could be included.
The British oil giant has been trying to sell assets as part of a huge fundraising campaign to meet the costs of its disastrous oil spill in the Gulf of Mexico.
This weekend the company is trying to install a tighter seal over the leaking well, which has been pouring oil since a blowout in April. A relief well that may close it off could be complete before the end of the month.