BP Amoco Sets Deadline for Bids on Oil Fields

BP Amoco set a Friday deadline for bids to purchase the Alaskan oil fields it would get if its $27-billion buyout of Atlantic Richfield Co. succeeds, a person familiar with the situation said. BP Amoco wants to sell the fields to eliminate opposition to the buyout from the U.S. Federal Trade Commission. FTC lawyers will interview prospective buyers to see if they would be good competitors for BP Amoco after the buyout, said another person familiar with the talks. BP Amoco has offered to sell the Arco assets to a single buyer, as demanded by the FTC staff, the person said. BP Amoco declined to comment. The FTC’s staff has sued to block the Arco buyout, saying the companies have too much power over Alaskan crude prices and could drive up the price of California gasoline. Though it will review the bids, the FTC will continue preparations for a court battle, the person said. BP Amoco’s American depositary receipts rose $1.25 to close at $47.06, while Arco rose $1.38 to close at $70.19, both on the NYSE.