BP's (NYSE:BP) Pakistan Assets Get Joint Bid

The two biggest oil and gas producers in Pakistan - Oil & Gas Development Co. and Pakistan Petroleum Ltd., have made a joint bid for the Pakistan assets held by BP (NYSE:BP).

BP's Pakistan assets are valued in a range from $400 million to $500 million, although UBS (NYSE:UBS) has put them as high as $690 million.

There is some red tape associated with the bid, as an opposition leader has petitioned for the deal to be not allowed to go forward. The highest court in Pakistan will soon make a decision on the issue.

This continues BP's bid to raise up to $40 billion in order to cover estimated liabilities in connection to the Gulf of Mexico oil spill.