BP (NYSE:BP) Contemplating Selling North Sea Assets

Rumors have been circulating the BP (NYSE:BP) is weighing whether or not to sell some of their North Sea assets, which with the one's they're considering, would bring another $1 billion into the fold to pay for liabilities from the Gulf of Mexico oil spill.

An unidentified source says BP is thinking of some infrastructue and fields in the region, although there has been no decision made on whether they're going to go through with a sale of assets there or not.

So far asset sales from BP has raised $21 billion of the approximate $40 billion BP believes they need to pay for the damages. Originally they had thought they would need only $30 billion.

BP has extensive assets in the North Sea, including 50 joint ventures with 40 companies, which make it impossible to know which of those they are considering. They also run over 30 fields in the area.

Infrastructure includes the Sullom Voe oil terminal on the Shetland Islands, two gas terminals, and 10 pipeline systems.