BP set to sell interests in UK North Sea SGA to Perenco

BP has agreed to sell its interests in its southern gas assets (SGA) in the UK North Sea to Perenco UK for $400m (£250m) in cash.

BP expects to divest assets with a total value of $38bn between 2010 and the end of 2013.

Including the agreement to sell SGA, the company has now announced divestments with an expected value totalling approximately $23bn.

Perenco has made an initial payment to BP of $100m in cash and the remaining $300m will be paid on completion, which is expected before the end of 2012. A further $10m may be paid in the future, contingent on the prevailing gas prices.