Premier Oil Considers Bid for BP Gas Ops in Pakistan - Report

(Dow Jones Newswires), Oct. 19, 2010

One of the U.K.'s biggest independent oil explorers is mulling a $500 million bid for BP's gas production business in Pakistan in an attempt to bolster its position in the troubled South Asian nation, U.K. newspaper The Times reports on Tuesday.

Premier Oil has expressed an interest in the unit alongside Mubadala, the Abu Dhabi sovereign wealth fund, according to people familiar with the talks, The Times said.

News of Premier's interest comes after reports that TNK-BP Holding, BP's Russian joint venture, is set to pay $1.8 billion to acquire a string of BP's oil projects in Venezuela and Vietnam, The Times said.

BP is aiming to raise $30 billion to help to meet the costs of the Deepwater Horizon oil disaster in the Gulf of Mexico through the sale of a string of non-core assets, The Times said.

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