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BP selling China oil field stakes
December 19, 2012, 2:36 pm

[Getty Images]

[Getty Images]

British oil and gas company BP says it is selling its stake in a South China Sea gas field to Kuwait Foreign Petroleum Exploration Company for $308 million in cash.

The Kuwaitis are buying BP’s 34.3 per cent stake in the Yacheng gas field, which began producing in 1996 and supplies customers in Hong Kong and Hainan.

BP says it is the largest offshore natural gas-producing field in China.

Chen Liming, president of BP China, said Wednesday that the sale is part of BP’s global portfolio reorganisation.

On Monday, BP announced it was selling its 50 per cent stake in a North Sea gas field operated by Shell.

Since 2010, BP says it has disposed of assets worth $37.8 billion.

“This sale is part of BP’s ongoing global portfolio optimization,” said Liming.

“BP remains committed to working with China to contribute its deep expertise and oil and gas supply options in this important emerging market,” he added.

Source: Agencies