TNK-BP acquires BP's interests in Venezuela and Vietnam
TNK-BP has announced the acquisition of BP's Venezuelan and Vietnamese upstream assets. The cash consideration of US$1.8 billion is in line with our base case valuation of US$1.78 billion. The transaction marks BP's withdrawal from both countries, as well as TNK-BP's first material move outside of Russia. The acquired portfolio offers TNK-BP stable production and a good basis for further international growth. The company will also hope to utilise the heavy oil experience it ...