BP sells Wyoming field in $1bn deal

Published on 26/06/2012 00:00

BP HAS agreed to sell more than $1 billion (£640 million) of gas assets in the US as part of its plans to raise up to $38bn in disposals by the end of next year.

Linn Energy is buying the natural gas acreage in south west Wyoming in the US firm’s second acquisition deal with BP this year. The properties in the Jonah field have reserves of about 730 billion cubic feet.

Bob Dudley, BP group chief executive, said the sale – which takes its total disposals to $24bn since 2010 – would enable the company to realise the value of a number of mature assets and to reinvest in “higher growth opportunities” in its North American gas business and elsewhere.

BP has invested $52bn in the US over the past five years, more than any other oil and gas company.