The world’s largest oil companies sold assets at a record pace this year, finding buyers at higher prices as China and other emerging economies vie for reserves. BP Plc, Royal Dutch Shell Plc and ConocoPhillips led 95 sales in 2010 valued at $49.5 billion, the most in at least 12 years, data compiled by Bloomberg show. The pace of disposals has picked up through the year -- deals in the fourth quarter topped $20 billion -- signalling momentum may carry into 2011.
BP Plc has agreed to $21 billion of sales in less than six months to help cover the cost of the Macondo oil spill. Even without the troubled London-based explorer, deals would have topped 2007’s $16 billion tally. Explorers are using funds from asset sales to meet the rising costs of production projects including deepwater drilling and liquefied natural gas plants. (more)
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