BP has agreed to sell its interests in its southern gas assets (SGA) in the UK North Sea to Perenco UK Ltd for $400 million in cash. BP says it expects to divest assets with a total value of $38 billion between 2010 and the end of 2013 as it continues the active management of its business portfolios around the world. Including the agreement to sell SGA, the company has now announced divestments with an expected value totaling approximately $23 billion. Perenco has made an initial payment to BP of $100 million in cash and the remaining $300 million will be paid on completion, which is expected before the end of 2012. A further $10 million may be paid in the future contingent on the prevailing gas prices, BP says. Completion of the sale is subject to a number of third-party and regulatory approvals. BP says it is expected that impacted BP employees working for SGA will transfer with the asset to Perenco.