Bob Dudley, BP CEO, BP, british petroleum
“Before the agreement to sell these assets in in Pakistan, BP already had sales agreements in place totalling approximately 21 billion dollars.” BP chief executive Bob Dudley said the company was making speedy progress towards its goal. - Photo by AP.

LONDON: BP said Tuesday 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.

“BP announced today that it has entered into an agreement to sell almost all of its exploration and production assets in Pakistan to United Energy Group Limited (UEG),” it said in a statement.

“UEG will pay BP a total of 775 million dollars (574 million euros) 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.” 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.

“The sale of these interests in Pakistan is part of BP's plan, announced in July 2010, to divest up to 30 billion dollars of assets by the end of 2011,” BP said.

“Before the agreement to sell these assets in in Pakistan, BP already had sales agreements in place totalling approximately 21 billion dollars.” BP chief executive Bob Dudley said the company was making speedy progress towards its goal.

“Today's agreement is further evidence of the rapid progress BP has made towards the divestment target we set out,” he said.

“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 programme.”

Opinion

Press and power
25 Sep 2021

Press and power

None used the press so brazenly as the Modi government.
Once upon a Taliban
Updated 25 Sep 2021

Once upon a Taliban

Something, somewhere is terribly wrong with how this story is unfolding.
Foundation of healthcare
24 Sep 2021

Foundation of healthcare

Primary healthcare is as much for healthy individuals as it for those suffering from ill health.

Editorial

25 Sep 2021

NAB controversy

THE completion of the four-year term of NAB chairman Javed Iqbal early next month has afforded Prime Minister Imran...
Cabinet ‘inclusivity’
Updated 25 Sep 2021

Cabinet ‘inclusivity’

Voices are being raised questioning when the much-hyped inclusivity the group had talked about will materialise.
25 Sep 2021

Quorum malady

LACK of quorum has become a chronic problem for the present National Assembly which is in the process of becoming a...
24 Sep 2021

Costs of growth

IS Pakistan’s growth party over? Not yet. But both the State Bank and government are now cutting down on the items...
Smear campaign
Updated 24 Sep 2021

Smear campaign

It is commendable that the government has taken the matter as seriously as it has, and delved deep into cyber investigations.
24 Sep 2021

Rising dengue cases

THE dengue monster is once again rearing its head in different cities of Punjab. More than 820 cases have surfaced ...