Asia-Pacific Oil Drillers in U.S. Gulf Seen With BP Sale: Energy
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BP Plc’s plans to sell almost $8 billion of deep-water oilfields in the Gulf of Mexico is paving the way for the biggest influx of Asian-Pacific cash into offshore U.S. energy exploration.
Energy companies eager to hone their skills in advanced drilling techniques such as China Petrochemical Corp. and the Australian minerals supplier BHP Billiton Ltd. are prime candidates as they have deeper pockets than many competitors in North America, according to analysts Lyndon Fagan of JP Morgan Chase & Co. in Sydney and Adrian Loh at Daiwa Capital Markets.