BP (LON:BP) has agreed its latest asset sale, with a US$775 million deal to sell almost all its interests in Pakistan.
The deal sees the United Energy Group (UEG) buying nine producing and exploration blocks in the Sindh province of Pakistan and four offshore exploration blocks in the Arabian Sea.
It takes BP a step nearer to its US$30 billion divestment target.
Before this deal BP had already agreed up to US$21 billion in asset sales. It began the divestment programme in July 2010, in the wake of the mostly costly environmental disaster in corporate history.
"Today's agreement is further evidence of the rapid progress BP has made towards the divestment target we set out last summer,” BP chief executive Bob Dudley said.
“We now have agreements to secure the majority of our divestment target,
“We are continuing to identify further assets that may be strategically more valuable to others than to BP as we complete the programme."
The UEG transaction is expected to complete in the first half of 2011.