British Petroleum Selling Permian Basin Assets

Staff Report
NewsWest 9

Embattled British Petroleum has announced it is selling its Permian Basin assets.

The deal, worth seven billion dollars, also includes oil and gas fields in Canada and Egypt.

British Petroleum is selling oil and gas operations, acreage and infrastructure to Apache Corporation.

BP says the company is trying to raise cash to meet their obligations in the Gulf of Mexico, nearly three months after oil started pouring into the water from the deep water horizon rig.

Apache will gain 10 field areas in West Texas and two gas processing plants.
There's no word from either company if the area will gain or lose any jobs from the sale.

The sale is expected to finalized later this year.