BP is to sell its upstream businesses and interests in Venezuela and Vietnam to TNK-BP for a total of $1.8bn.
The agreement includes BP’s interests in the Petroperija, Boqueron and Petromonagas joint ventures in Venezuela, its 35% operating interest in the Lan Tay and Lan Do offshore gas fields, and its associated pipeline and power generation interests in Vietnam.
The sales are part of its plan to divest up to $30bn, which will help the company to pay for oil spill responses in the Gulf of Mexico.
BP’s total net production from its Venezuelan assets is 25,000 barrels of oil equivalent per day, while its net booked reserves from its assets in Vietnam are equal to 270 million barrels of oil per day.
TNK-BP is Russia’s third largest oil company and is owned equally by BP and AAR Consortium .