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.