BP is in discussions with Apache Corporation and other companies about asset sales to raise $10bn towards a $20bn fund to clean up the massive oil spill in the Gulf of Mexico.

Talks about any potential asset sales are at an exploratory stage, a source familiar with the situation told Reuters.

Apache reportedly approached BP with a plan a few weeks ago and negotiations are underway about the structure of an agreement, according to The Sunday Times.

The Apache deal could be worth up to $10bn and include stakes in BP’s Alaskan oil fields.