Copyright dailymail
BP has agreed to offload stakes in some of its onshore oil and gas pipelines in the US as it seeks to shore up its finances. The British energy giant is selling assets in the Permian and Eagle Ford basins in Texas to investment firm Sixth Street for £1.1billion. The deal is part of a £15billion divestment programme aimed at bringing down debt levels and winning back investor confidence. Once the sale is complete, BP’s US onshore oil and gas business BPX energy will hold a 51 per cent stake in the Permian assets and 25 per cent in those at Eagle Ford. BP has been under pressure from investors – and became the target of activist fund Elliott – after an ill-fated foray into renewables under former boss Bernard Looney. The push into green energy has since been abandoned by Looney’s successor Murray Auchincloss, who earlier this year sold BP’s American onshore wind farms. BP shares rose 1.2 per cent to 447.4p.
