BP sells Wyoming gas fields to Linn

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The Independent Online

BP has agreed to sell its interest in the Jonah and Pinedale gas fields in Wyoming for $1bn (£643m) to the US hydrocarbon producer Linn Energy.

Bob Dudley, BP's chief executive, said the sale would allow it to offload some of its "mature" assets and reinvest the cash "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," Mr Dudley said.

Under the agreement, BP is selling its operations centre in Sublette County, Wyoming, and its interest in about 260 wells with natural gas production of 80m cubic feet of gas a day. The disposal brings the value of BP's divestments since the start of 2010 to about $24bn.