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BP to sell US assets to raise $1 bn

British energy group BP on Monday said it had agreed to sell its Jonah gas operations in Wyoming to US company LINN Energy for $1.1 billion (820 million euros) in cash.

india Updated: Jan 01, 1900 00:00 IST
AFP
AFP

British energy group BP on Monday said it had agreed to sell its Jonah gas operations in Wyoming to US company LINN Energy for $1.1 billion (820 million euros) in cash. The deal further helps BP to meet massive compensation costs linked to the 2010 Gulf of Mexico oil spill caused by a blast on the BP-leased Deepwater Horizon platform. BP said in a statement that including the latest sale, it will have raised $24 billion from disposals to meet its compensation costs — which is still some way behind a target of $38 billion by the end of next year. The British company said that “LINN Energy has agreed to pay BP $1.025 billion in cash for the assets. The sale is currently expected to complete by July 31, 2012.”

First Published: Jun 25, 2012 23:58 IST