Gulf oil leak spills over into Alberta
Posted Jul 21, 2010 7:58 am.
This article is more than 5 years old.
British Petroleum has begun selling off $10-billion of its assets to help cover the cost of damages and cleanup from the ongoing Gulf of Mexico oil leak.
Houston-based Apache has scooped up $7-billion of BP holdings including its western Canadian operations.
Among those properties is a huge unconventional gas play in Alberta and BC.
Energy analyst Peter Linder with Delta One Capital tells 660News the sale is not a surprise and BP got a fair market price.
Linder believes the purchase could lead to some layoffs in the Alberta energy patch, but the sale could result in increased drilling activity as well.
At this point, BP is holding onto its oilsands operations.
BP shares were up a little following the sale, but are down more than 30 per cent since the Deepwater Horizon rig explosion and fire that killed 11 workers back on April 20th and started the massive oil leak in the Gulf.
