BP Sells Pakistan Assets to United Energy Group

Sale price is $775 million

BP said on Dec. 14 that it will sell most of its Pakistan assets to Britain-based firm United Energy Group, as part of sales to pay for the Gulf of Mexico oil spill.

"UEG will pay BP a total of $775 million in cash for these assets which consist of nine producing and exploration blocks in Sindh province and four offshore exploration blocks in the Arabian Sea," BP said.

The deal, expected to be completed in the first half of next year, is part of BP's ongoing divestment plan to pay for the devastating Gulf of Mexico oil disaster. "Before the agreement to sell these assets in in Pakistan, BP already had sales agreements in place totailng approximately $21 billion," the company said.

BP chief executive Bob Dudley said the company was making speedy progress towards its goal. "We now have agreements to secure the majority of our divestment target. We are continuing to identify further assets that may be strategically more valuable to others than to BP as we complete the program."

Copyright Agence France-Presse, 2010

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