Dewey Reps UEG In $775M Deal For Pakistani BP Assets

Law360, New York (December 14, 2010, 4:33 PM EST) -- BP PLC on Tuesday announced the sale of nearly all its Pakistan-based exploration and production assets to United Energy Group Ltd. for $775 million, part of a plan to sell $30 billion worth of assets to cover cleanup costs stemming from the Deepwater Horizon disaster.

The all-cash deal will see Hong Kong-based UEG acquire nine producing and exploration blocks in Pakistan's Sindh province, as well as four offshore exploration blocks in the Arabian Sea. The exploration and production blocks are held by BP Pakistan Exploration and...
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