BP is selling its upstream businesses and associated interests in Venezuela and Vietnam to TNK-BP for a total of $1.8bn (£1.1bn) in cash.
TNK-BP, Russia’s third-largest oil company, is owned equally by BP and the AAR Consortium, which comprises Alfa Group, Access Industries and Renova.
The agreement includes BP’s interests in the Petroperijá, Boquerón and PetroMonagas joint ventures in Venezuela and, in Vietnam, BP’s 35 per cent operating interest in the Lan Tay and Lan Do gas fields, and associated pipeline and power-generation interests.
According to a statement, the sales are part of BP’s plan, announced in July 2010, to make divestments of up to $30bn by the end of 2011 to help the company meet costs arising from the recent Gulf of Mexico oil spill.
As part of this programme, BP has previously announced agreements to sell assets in Egypt, Canada and the USA to Apache Corporation for $7bn and to sell its Colombian exploration, production and transportation business to Talisman and Ecopetrol for $1.9bn.
Under the terms of the agreements, TNK-BP will pay BP a total deposit of $1bn on 29 October, with the balance of payment due on completion of the sales, anticipated by the first half of 2011.