BP to sell $8.7bn of assets to pay spill costs

BP has begun to offload assets aimed at raising cash to pay for the Gulf of Mexico disaster, agreeing the $7bn sale of fields in the US, Canada and Egypt to Apache.

The oil giant also last night revealed it plans to offload assets in Pakistan and Vietnam, worth an estimated $1.7bn. While the British group has not yet identified buyers for the Pakistan and Vietnam assets, proceeds from the disposals will go towards the $20bn compensation fund BP has agreed with the US Government. BP has already spent $4bn on efforts to plug the oil well and clean up, as well as in damages claims. Apache was also reportedly interested in BP's share in the lucrative Prudhoe Bay oil field in Alaska. BP is also thought to be eyeing a sale of its majority stake in s...