BP: To Sell Oil,Gas Production, Exploration Assets In Pakistan

20th Jul 2010 14:33

LONDON (Dow Jones)--BP PLC (BP) plans to sell its oil and gas production assets and exploration licenses in Pakistan as part of a divestment process aimed at raising $10 billion to cover the cost of the Gulf of Mexico oil spill, a company spokesman said Tuesday. Pakistan is not a core area for BP. Its assets there produced 173 million cubic feet of gas a day in 2009, 2% of the company's total natural gas output. All of BP's Pakistan oil and gas production operations are based in the Sindh province. It also has significant offshore acreage for hydrocarbon exploration. Company website: http://www.bp.com -By James Herron, Dow Jones Newswires; +44 (0)20 7842 9317; [email protected] (END) Dow Jones Newswires July 20, 2010 09:33 ET (13:33 GMT)