BP sells its Pakistan assets to UEG at $775mln

AZHAR ALI KHAN

KARACHI: British Petroleum (BP) has sold its assets in Pakistan to a Hong Kong-based investment group.

“BP has sold its fields in Pakistan at $775 million to the United Energy Group (UEG), including a $100 million deposit,” said a report, adding that the deal would get finalized by first half of 2011. The net production of the assets is nearly 35,000 barrels oil per day.

Prior to this deal, BP had turned down the joint bid of Oil and Gas Development Company (OGDCL) and Pakistan Petroleum Limited (PPL) to acquire its assets.

The company (BP) had earlier planned to sell its $30 billion assets worldwide after the worst U.S. oil spill forced the company to set aside $40 billion for cleanup and litigation. The company has divested about $21 billion of fields so far.