BP plans to sell its upstream assets in Canada, Egypt and the US to Apache Corporation in several contracts totalling $7bn.
The deals comprise BP's Permian Basin assets in Texas and southeast New Mexico in the US, its Western Canadian upstream gas assets and its Egyptian Western Desert business concessions and East Badr El-din exploration concession.
Apache will pay BP a cash deposit of $5bn on 30 July 2010 comprising $3.25bn for Canada, $1.5bn for Permian and $0.25bn for Egypt.
The Permian Basin assets include ten fields, two gas processing plants and non-operated interests in the Terrell gas processing facility. Net production is about 15,100 barrels of liquids per day and 80 million cubic feet of gas per day.
The upstream Western Canadian gas business has a net production of 240 million cubic feet of gas per day and 6,500 barrels of liquids per day.
Net production of the Egyptian assets is about 6,016 barrels of oil per day and 11 million cubic feet of gas per day.