BP is understood to be negotiating with China National Offshore Oil Corporation to sell a 60% stake in Pan America.
According to The Telegraph, BP is seeking to sell $10bn (£6.6bn) of non-core exploration and production assets. If the deal went ahead BP could achieve this objective in one single transaction. The state owned CNOOC currently owns 20% of Pan America with rest of the firm owned by Argentinean businessman Carlos Bulgheroni, who may take part of BP's stake in the deal.
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