BP launches $3b sale of US onshore assets to fund BHP deal

Britain's BP has launched the sale of US oil and gas onshore assets that could raise more than $3 billion to help pay for other fields in the United States it bought in October from BHP.

The sale proceeds will partly fund the $10.5 billion acquisition of BHP's onshore assets that are mostly around oil-producing fields in Texas and Louisiana. BP had said it would sell $5 billion to $6 billion to finance the deal. The London-listed firm wants to focus on production from its holdings in the Permian and Eagle Ford basins to match rivals Exxon Mobil and Chevron whose production there is set to rise sharply in coming years.