BP In Talks With Cnooc To Sell Pan American Energy Stake -Sky

LONDON (Dow Jones)--BP PLC (BP.LN) is in talks with Cnooc Ltd. (0883.HK) to sell most of its 60% stake in Argentine oil company Pan American Energy, as it attempts to shore up its finances following the oil spill in the Gulf of Mexico, Sky TV reports Thursday. BP's stake in Pan American Energy is worth up to about GBP6 billion, and while the talks may not conclude, BP is confident of reaching a deal within weeks, Sky TV's business editor Mark Kleinman said. Selling the majority of its stake in the Argentine company could cover in a matter of weeks the vast bulk of the $10 billion in asset sales BP has targeted over the next 12 months, Kleinman said. BP's priority remains getting the Gulf of Mexico oil spill plugged as quickly as possible and then ascertaining the extent of its liability from the spill, Kleinman said. Sky News website: http://www.sky.com/news -London bureau, Dow Jones Newswires; +44 (0)20 78 42 9330; generaldesklondon@dowjones.com (END) Dow Jones Newswires July 01, 2010 11:15 ET (15:15 GMT)