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BP said in a statement that UEG will pay $775 million in cash, including a $100 million deposit. The transaction is expected to be completed in the first half of 2011.
The statement said that the net production of this asset is approximately 35,000 barrels/day of oil equivalent.
BP said that Pakistan’s oil field is estimated to have 43.1 million barrels of oil equivalent proved reserves. This will be UEG's first joint venture in Pakistan.
BP sells Pakistani oil fields to China
According to "Gulf News" on December 15 in London, BP said here on December 14 that as part of its plan to pay for the oil spill in the Gulf of Mexico, BP has recently sold its oilfields in Pakistan. China Hong Kong Investment Group United Energy Group (UEG).