BP has agreed to sell its interests in the Wytch Farm, Wareham, Beacon and Kimmeridge fields, which are located in the UK, to Perenco for $610m cash.
As part of the transaction, BP has received an immediate payment of $500m and will receive $55m on completion, which is expected at the end of 2011, with the remaining $55m contingent on submission of the Beacon field development plan and oil prices.
The sale is part of BP's plan to divest up to $30bn of assets by the end of 2011.
Completion of the sale is subject to partner pre-emption rights and a number of third-party and regulatory approvals.
BP North Sea regional president Trevor Garlick said the firm is investing about $4bn per year of capital and operating expenditure, which includes four major new field development projects in the UK and two in Norway.