BP nears firesale's $30bn target

A British Petroleum (BP) sign is seen at a petrol station in south London July 29, 2008. British oil major BP Plc posted a 61 percent jump in underlying second-quarter profit thanks to high oil prices, beating analysts expectations and boosting the company's shares. REUTERS/Dylan Martinez (BRITAIN)

Selling up: BP

REUTERS/DYLAN MARTINEZ

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Anthea Pitt

 14 December 2010 10:58 GMT

BP is close to reaching the $30 billion target it set as part of an asset firesale, after agreeing to hand over the bulk of its Pakistani exploration and production assets to United Energy Group (UEG) in a $775 million cash deal.

The troubled UK supermajor is selling off assets worth up to $30 billion from its global portfolio to help it pay for the clean-up and other costs of the Macondo disaster in the US Gulf of Mexico.

Before it sealed the UEG sale earlier today, BP already had agreements in place covering assets worth about $21 billion.

UEG is buying nine blocks in Sindh province, covering the Badin-I, -II, -IIR and III fields, as well as Mehran, Mirpur Khas, Khipro, Digri and Sanghar South, and blocks S, U, V and W in the…

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