BP Plc, Europe's second-biggest oil company, today said it has sold its stake in China's Yacheng gas field in the South China Sea to Kuwait Foreign Petroleum Exploration Co, or KUFPEC, for $308 million. The sale of 34.3 per cent interest in Yacheng gas field, the second announcement this week, takes BP inches away from the $ 38 billion asset disposals target it had planned to bolster finances after setting aside about $ 40 billion to pay for the worst US oil spill. BP has, since 2010, now sold $ 37.8 billion of assets, the company said in a press statement. It had on Monday announced sale of its stake in the Sean gas field in the UK's North Sea to SSE Plc for $ 288 million. "This sale (to KUFPEC) is part of BP's ongoing global portfolio optimisation," said Chen Liming, President of BP China.