One-Page Deal Sheet
Yacheng Gas Field Sold to KUFPEC
Kuwait Foreign Petroleum Exploration Company BP Plc
Announced Date
December 18,2012
Close Date
December 12,2013
Transaction Type
Property
Enterprise Value (EV)($MM)
308
Asset/Basin:
{"Yinggehai Basin","South China Sea"}
Location
Region
Asia - Pacific
Country
China
Transaction Details: Subscribe to see
BP today announced that it has agreed the sale of its 34.3 per cent interest in the Yacheng gas field in the South China Sea to Kuwait Foreign Petroleum Exploration Company (KUFPEC) for $308 million cash. Subject to regulatory, CNOOC and third party approvals, BP expects the deal to close in the second half of 2013.
“This sale is part of BP’s ongoing global portfolio optimization,” said Chen Liming, President of BP China. “BP remains committed to working with China to contribute its deep expertise and oil and gas supply options in this important emerging market.” The sale takes BP’s total…
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