Exxon Mulling Takeover Bid For BP -Newspaper

LONDON (Dow Jones)--U.S. oil major Exxon has sought clearance from Washington DC to examine a takeover bid for BP PLC (BP.LN), according to the Sunday Times. According to oil industry sources, the Obama administration had told Exxon and one other U.S. oil company, thought to be Chevron, that it would not stand in the way of a deal that could value BP at up to GBP100 billion, the newspaper said. The sources said there was no certainty that Exxon would make a move, but said talks with Washington indicated a renewed interest as BP came closer to plugging their oil well in the Gulf of Mexico. "There have been talks at a high level, and Exxon has expressed a serious interest. It is too early to talk about a bid yet, but they are clearing the way," a senior oil industry source told the newspaper. A spokesman for Exxon declined to comment, the paper said. -By London Energy Desk, Dow Jones Newswires +44 207 842 9262; selina.williams@dowjones.com (END) Dow Jones Newswires July 11, 2010 06:15 ET (10:15 GMT)