Published 05th January, 2011
BP is set to sell almost its entire exploration and production operations in Pakistan.
The sale is part of BP's continued rationalisation which will see the company shed some $30bn worth of assets by the middle of 2011. The Pakistan sale includes nine production and exploration blocks in the country's Sindh Province and four offshore exploration blocks in the Arabian Sea.
The upstream operations, currently handled by BP Pakistan, will be sold to oil and gas operators United Energy Group at a cost of $775m in cash. The company will inherit current net production of around 35,000boe/d with gross oil production standing at around 10,000b/d and gas at 200mcuft/d.