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CMS advises BP on sale of US$7 billion worth of assets

Date: 22/07/2010

Penelope Warne

CMS Cameron McKenna LLP has successfully advised BP on the sale of US$7 billion of assets to Apache Corporation, a Houston-based oil and gas company.

Under the terms of the agreement, BP will sell the company's oil and gas assets in the Permian basin in Texas and New Mexico, business and exploration concessions in Egypt's Western Desert and upstream natural gas reserves in Alberta and British Colombia.

The team at CMS was led by Penelope Warne, Head of Energy, supported by Energy partners Eleanor Layton and Stephen Millar and a large team of lawyers including specialist from corporate, tax and employment.

Penelope Warne comments, “BP is a long-standing, very important client of the firm and we are very pleased to have successfully advised on this complex sale of assets on a fast track basis.“

Also advising BP were Sullivan & Cromwell and Gardere Wynne Sewell in the US and Fraser Milner Casgrain in Canada.

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Nicola Stokes
+44 (0)207 367 3495
nicola.stokes@cms-cmck.com

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