P.M. BRIEFING : BP to Stress High-Risk Exploration
LONDON — British Petroleum Co. PLC today announced a major restructuring to focus on “higher-risk, higher-reward” exploration, a move which involves the sale of assets worth $1.3 billion and the slashing of more than 1,700 jobs.
BP, the world’s fourth-largest oil company, said it has agreed to sell 9% of its British North Sea exploration assets, as well as assets in six other countries to Oryx Energy Co., one of the largest independent oil and gas producers in the United States.
The North Sea assets include four oil- and gas-producing fields, five prospective developments and 42 unexplored blocks.
The job cuts would represent 17% of London-based BP’s work force of about 10,000.
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