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FINANCIAL NEWS
Kuwait’s KUFPEC buys BP’s stake in Chinese offshore gas field
19 Dec 2012
(MENAFN) Kuwait Foreign Petroleum Exploration Company (KUFPEC) has agreed to buy British Petroleum’s stake in a South China Sea gas field, AP reported.
BP said it will sell its 34.3 percent stake in the Yacheng gas field for USD308 million.
The offshore gas filed, which BP says it’s the largest in China, began producing in 1996 and supplies customers in Hong Kong and Hainan.
Chen Liming, president of BP China, said that the sale is part of BP’s global portfolio restructuring.
Recently, BP said it was selling its 50 percent stake in a North Sea gas field operated by Shell.
BP says it has given up assets worth USD37.8 billion since 2010.
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