BP has agreed to sell its interests in the Jonah and Pinedale upstream operations in Wyoming to LINN Energy, LLC .
Under the agreement, LINN Energy has agreed to pay BP $1.025 billion in cash for the assets. Completion of the sale is subject to closing conditions including the receipt of all necessary governmental and regulatory approvals. The sale is currently expected to complete by July 31, 2012.
Bob Dudley, BP group chief executive, said: “This sale will allow us to realise the value of the mature Jonah assets and reinvest in higher growth opportunities in BP’s North America gas business and elsewhere. We are actively managing our portfolio of assets and businesses worldwide, focusing our investment on future growth in BP’s areas of strength.”