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Business News

BP sells gas assets for $1.2bn to help pay for spill

BP is selling its interests in the Hugoton natural gas field in Kansas and its associated processing plant to America's Linn Energy for $1.2bn (£757m) in cash.

The sale is part of an asset sales programme as BP looks to reshape its business and raise billions of dollars in cash to fund compensation claims arising from the Gulf of Mexico oil spill.

Bob Dudley, BP's chief executive, said: "We are reshaping BP's business around the world. The sale of these mature assets will allow us to concentrate our efforts on our strong core positions in the US and globally."