REUTERS
By Anna Driver and Matt Spetalnick
Tue Jul 20, 2010 5:24pm EDT
HOUSTON/WASHINGTON (Reuters) – British energy giant BP Plc said on Tuesday it reached a $7 billion deal with Apache Corp as part of a series of asset sales to raise money to pay for the worst oil spill in U.S. history.
BP said Apache would pay a $5 billion cash deposit on July 30 as part of the deal for upstream assets in North America and Egypt. The company said the deal, worth a total of $7 billion, would include Permian Basin assets in New Mexico, natural gas in western Canada and concessions in Egypt.