BP sells Pakistan assets for $775m

14th Dec 2010 10:49

Oil giant BP is to sell nearly all of its exploration and production assets in Pakistan for $775m (£490m) as it continues its programme to divest up to $30bn of assets by the end of 2011.It is selling the assets to United Energy Group. BP has made rapid progress in its asset sale programme, which was triggered by the Gulf of Mexico well explosion and spill that resulted in huge costs for BP. Reports earlier this month said that BP, which has already secured agreements that achieve most of its divestment target, was touting some of its North Sea assets.The Pakistani assets to be sold consist of nine producing and exploration blocks in Sindh province and four offshore exploration blocks in the Arabian Sea.The transaction is expected to complete in the first half of 2011.'We are continuing to identify further assets that may be strategically more valuable to others than to BP as we complete the programme,' said BP's chief executive Bob Dudley.