BP selling stake in China’s largest offshore gas field to Kuwaiti firm
Unloading 34.3 per cent stake in Yacheng gas field, which began producing in 1996, for $308-million
LONDON—British oil company BP says it is selling its stake in a South China Sea gas field to Kuwait Foreign Petroleum Exploration Company for $308-million in cash.
The Kuwaitis are buying BP’s 34.3 per cent stake in the Yacheng gas field, which began producing in 1996 and supplies customers in Hong Kong and Hainan.
BP says it is the largest offshore natural gas-producing field in China.
Chen Liming, president of BP China, said the sale is part of BP’s global portfolio reorganization.
Days earlier, BP announced it was selling its 50 per cent stake in a North Sea gas field operated by Shell.
Since 2010, BP says it has disposed of assets worth $37.8-billion.