UK oil firm BP has signed an agreement to sell its upstream businesses and associated interests in Venezuela and Vietnam to Russian oil company TNK-BP for a total of $1.8bn.

The agreement includes BP’s interests in the Petroperija, Boqueron and PetroMonagas joint ventures in Venezuela and, in Vietnam, BP’s 35% operating interest in the Lan Tay and Lan Do gas fields and associated pipeline and power generation interests.

The sales are part of BP’s plan, reported in July 2010, to make divestments of up to $30bn by the end of 2011 to help the company meet its financial obligations due to the Gulf of Mexico oil spill.

The purchase of the assets will be funded by TNK-BP and will not require capital from the company’s shareholders.

BP said that it will retain an economic interest in these assets through its 50% interest in TNK-BP.

BP’s interests included in the agreement for the Venezuelan sale are a 16.67% stake in the PetroMonagas heavy oil joint venture in the Orinoco basin, a 40% interest in the Petroperija joint venture, and a 26.67% interest in the Boqueron joint venture, all of which are operated by Venezuela’s state oil company, Petroleos de Venezuela.

BP’s interests included in the agreement for the Vietnamese sale are a 35% interest in offshore block 06.1, currently operated by BP, approximately 370km offshore south-east Vietnam and containing the Lan Tay and Lan Do gas fields.

In addition, BP has a 32.67% interest in the 370km Petrovietnam-operated Nam Con Son pipeline that transports gas onshore from the Lan Tay and Rong Doi fields, and a 33.3% interest in the joint venture that owns and operates the 739MW Phu My 3 power plant in Baria Vung Tau province.

TNK-BP is owned equally by BP and the AAR Consortium (comprising Alfa Group, Access Industries and Renova).