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BP agreed to sell its interests in its southern gas assets in the U.K. North Sea to Perenco U.K. Ltd. for a cash value of $400 million.
BP expects to divest assets with a total value of $38 billion between 2010-13. Including the agreement to sell its southern assets, the company has announced divestments with an expected value totalling approximately $23 billion.
Perenco has made an initial payment to BP of $100 million in cash and the remaining $300 million will be paid upon completion, which is expected before the end of 2012. A further $10 million may be paid in the future contingent on the prevailing gas prices.
The divestment of BP's southern assets is part of its strategy to develop a more focused North Sea business in the U.K. and Norway. BP has a multi-billion pound investment program currently underway, with four major field development projects in the U.K. and a further two in Norway.