BP to Sell U.S. Gas Assets for $1 Billion

BP (IW 1000/3) said on Jun3 25 that it had agreed to sell its Jonah gas operations in Wyoming to company LINN Energy for $1.025 billion in cash. "BP announced today that it has agreed to sell its interests in the Jonah and Pinedale upstream operations in Wyoming to LINN Energy," the British company said.

"Under the agreement, LINN Energy has agreed to pay BP $1.025 billion in cash for the assets. The sale is currently expected to complete by July 31, 2012."

The deal further helps BP to meet massive compensation costs linked to the 2010 Gulf of Mexico oil spill caused by a blast on the BP-leased Deepwater Horizon platform.

BP said that including the latest sale, it will have raised $24 billion from disposals to meet its compensation costs -- which is still some way behind a target of $38 billion by the end of next year.

Copyright Agence France-Presse, 2012