The UK based oil and gas company has received an initial payment of $100m in cash from Perenco, which will pay the remaining on the completion of the assets deal.
The assets sale, which is subject to a number of third party and regulatory approvals, is expected to be completed by before the end of 2012.
Perenco may have to pay a further $10m in the future contingent on the prevailing gas prices.
As per the deal, Perenco will acquire the Cleeton stream fields, the West Sole stream fields, the Amethyst field, Dimlington terminal, Hessle office, SGA manned platforms and normally unmanned installations.
Impacted BP employees working for SGA are expected to be transferred with the asset to Perenco.
The company is currently moving ahead with a multi-billion pound investment programme, with four major field development projects in the UK and a two more in Norway.
BP current net production from the SGA assets totals about 25,000 barrels of oil equivalent a day (boed), while over 200,000boed from the whole North Sea.
