BP to sell stake in Pan American Energy for $7.06B

BP is selling its Argentina-based Oil and gas producer, Pan American Energy for $7.06 Billion along with other assets they are selling off in an effort to pay off the debt that they owe for the oil spill in the Gulf of Mexico. They are selling the asset to Bridas Corp. which is also located in Argentina. The deal is suppost to be completed in the beginning of 2011. BP announced this summer that it will be selling around $30 billion of their assets for the overall clean up and response costs. This will really hurt BP and it will be safe to say that they will no longer be a leader in the oil industry. Consumers are choosing other gas stations to purchase fuel at because of the way that BP handled the spill in the Gulf.