BP rumoured to be selling Latin American assets

BP has refused to confirm or deny reports that it is looking to sell assets in Argentina.

'We never comment on market speculation,' said a spokesman.

Industry sources point out the market has been rife with rumours about what BP might sell since the oil giant announced plans to sell assets worth $10 billon this year.

The group had originally intended to sell only $3 billion worth of assets but stepped up the programme after it agreed to put aside $20 billion to pay compensation claims a related to the explosion at its Deepwater Horizon well in the Gulf of Mexico.  

The group's Latin American assets are a sensible area for speculators to focus as the group has relatively few assets in Argentina and Venezuela and the company has told investors the sales will more than likely be upstream assets.

BP recently announced a deal to buy Brazilian assets from Duke but the sale is now subject to scrutiny from the Brazilian authorities amid accusations BP's cost-cutting caused the spill and suggestions BP ignored warning signs at the well.