BP intends to sell its stakes in the Gulf of Suez Oil Company (GUPCO), banking sources have said.

Sources stated that the assets might be sold for $500m.

Australian Entek Energy has entered into an agreement with Houston-based Peregrine Oil & Gas to sell the company’s entire Gulf of Mexico portfolio for almost $3m as market conditions continue to take their toll.

TransCanada is looking to sell its New England power generation business as part of its effort to finance its $10b acquisition of Houston-based Columbia Pipeline Group.

Brazil's state- owned oil company Petrobras is marketing offshore oil and natural gas fields worth as much as $2b as part of its plan to sell assets and pay down debt. The company also aims to raise $14.4b from asset sales this year.

El Paso Corp. (EP) , the pipeline company being bought by Kinder Morgan Inc. (KMI), has agreed to sell its oil and natural-gas fields in Egypt to an unidentified buyer, reducing its first-quarter results by about $62 million.

Hungarian oil and gas group MOL is ready to sell its stake in the Nabucco gas pipeline consortium if necessary as it has serious concerns over the project, MOL Chairman-CEO Zsolt Hernadi told a news conference on Thursday.