BP reportedly in talks to sell Alaska oil stake

Besides selling assets, BP is raising billions from bond issues and bank loans, the Times said.

The cash will help to reassure investors that the cost of the cleanup will not overwhelm the company, the Times said. Goldman Sachs, the American investment bank, thinks BP could ultimately be forced to pay $70 billion in cleanup and compensation costs.

Getting a stake in Prudhoe Bay would be a coup for Apache, the Times said. It is one of the largest oil fields discovered and one of BP’s prize assets. It produces 390,000 barrels a day, equivalent to 15 percent of the United Kingdom's North Sea output.

BP’s partners in the field, Exxon and Conoco Philips, are likely to have pre-emption rights that would allow them to match any offer made by Apache, the Times said.