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Sale of gas field interest nears BP's disposal goal
December 20, 2012, Thursday
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BP Plc, Europe's second-biggest oil firm, has sold its stake in China's Yacheng gas field for US$308 million in cash, bringing the company close to its target for asset disposals following the 2010 Gulf of Mexico spill.
Kuwait Foreign Petroleum Exploration Co, or Kufpec, will buy 34.3 percent of the South China Sea field in a deal due to close in the second half of 2013, BP said yesterday in a statement.
The sale, the second announced this week, means BP is nearing a planned US$38 billion of disposals a year earlier than forecast. Chief Executive Officer Bob Dudley pledged to focus on BP's most profitable fields and has sold assets to bolster finances after setting aside about US$40 billion to pay for the worst US oil spill. He has now sold US$37.8 billion of assets.
"This sale is part of BP's ongoing global portfolio optimization," BP China President Chen Liming said. "BP remains committed to working with China to contribute its deep expertise and oil and gas supply options in this important emerging market."
Kuwait Foreign Petroleum Exploration Co, or Kufpec, will buy 34.3 percent of the South China Sea field in a deal due to close in the second half of 2013, BP said yesterday in a statement.
The sale, the second announced this week, means BP is nearing a planned US$38 billion of disposals a year earlier than forecast. Chief Executive Officer Bob Dudley pledged to focus on BP's most profitable fields and has sold assets to bolster finances after setting aside about US$40 billion to pay for the worst US oil spill. He has now sold US$37.8 billion of assets.
"This sale is part of BP's ongoing global portfolio optimization," BP China President Chen Liming said. "BP remains committed to working with China to contribute its deep expertise and oil and gas supply options in this important emerging market."
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