BP eyes $9-bn asset sale

China National Offshore Oil Corporation looks poised to help bail out BP by buying up to $9 billion worth of energy assets in South America helping the British oil company pay bills from environmental liabilities in the Gulf of Mexico.

China National Offshore Oil Corporation (CNOOC) looks poised to help bail out BP by buying up to $9 billion worth of energy assets in South America helping the British oil company pay bills from environmental liabilities in the Gulf of Mexico.

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The Russian management of the Moscow-based TNK-BP joint venture has also said it would like to buy more assets from the beleaguered company in other parts of the world.

CNOOC is understood to have expressed interest in buying the 60 per cent stake held by BP in Pan American Energy, Argentina’s oil and gas group.