MARKET TALK: BP-Apache Deal At Top End Of Expectations - NCB

21st Jul 2010 08:08

0708 GMT [Dow Jones] The price tag on BP's (BP) sale of assets in North America and Egypt to Apache (APA) is at the top end of expectations, says NCB Stockbrokers analyst Peter Hutton. The $7Bln price equates to $4.50 per barrel of estimated resources, higher than similar deals done by Shell (RDSB.LN) and Total (TOT) at $3.90 and $2.10 per barrel, respectively, he says. "This is speedy action and divests assets which are not really core to BP at an attractive price," he says. Asset sales in Vietnam and Pakistan should raise an extra $1.7Bln, he says. BP shares +1.8% at 394p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 21, 2010 03:08 ET (07:08 GMT)