BP selling stake in big Chinese gas field

AP News

12/19/2012 5:19:11 AM - AP News

LONDON (AP) — 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 percent 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 Wednesday that the sale is part of BP's global portfolio reorganization. On Monday, BP announced it was selling its 50 percent stake in a North Sea gas field operated by Shell.

Since 2010, BP says it has disposed of assets worth $37.8 billion.