BP has agreed to sell its interests in the Jonah and Pinedale upstream operations in Wyoming to LINN Energy LLC.
Under the agreement, LINN Energy has agreed to pay BP $1.025bn (approximately £650m) in cash for the assets.
Completion of the sale is subject to closing conditions, including the receipt of all necessary governmental and regulatory approvals. The sale is currently expected to complete by 31 July 2012.
The agreement to sell the Jonah assets brings the total value of divestments that BP has agreed since the start of 2010 to around $24bn. BP expects this total to increase to $38bn by the end of 2013.