BP sells interests in Beacon and other oil fields to Perenco

London-based oil and gas company BP has agreed to sell its interests in the Wytch Farm, Wareham, Beacon and Kimmeridge fields to Perenco for up to $610m (£376.6m) in cash.

The price includes $55m contingent on Perenco’s future development of the Beacon field and on oil prices in 2011–13.

The sale of these interests is part of BP’s plan, announced in July 2010, to divest up to $30bn of assets by the end of 2011.

Prior to this agreement, BP announced sales agreements totalling around $25bn.