MARKET TALK: BP Apache Deal Consistent With Plan - Oddo

21st Jul 2010 14:42

1342 GMT [Dow Jones] BP's (BP.LN) deal to sell $7B in assets to Apache Corp. (APA) is consistent with the divestment plan concerning $10B of non-core E&P assets announced by BP a few weeks ago, says Oddo Securities. The average price of $19.4 per barrel of oil equivalent for proven reserves appears satisfactory and shows BP isn't prepared to sell off its assets too cheaply, says Oddo. It notes that contrary to recent suggestions in the press, this deal does not include BP's stake in Prudhoe Bay in Alaska. Buy rating and 510p target. Shares +2.8% at 399p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 21, 2010 09:42 ET (13:42 GMT)