LONDON—Oil company BP is selling some of its gas assets in the North Sea to Perenco UK for $400 million.
BP said Perenco had made a down payment of $100 million and would pay the balance on completion of the deal, which is expected at the end of the year.
The assets sold are operations off the English coast and include the West Sole field, which was the first oil and gas discovery in British North Sea waters in 1965.
BP has agreed asset sales of about $23 billion in its drive to raise $38 billion by the end of next year to help pay the costs of the disastrous Deepwater Horizon oil blowout off the southern U.S. coast.
Perenco, based in London, is an independent oil company with operations in 16 countries.