BP is divesting its 34.3% interest in the gas field as a part of its business strategy.
The field started commercial production in 1996 and BP operated it until 1 January 2004, after which it assigned the operatorship to its project partner China National Offshore Oil Corporation (NCOOC).
BP China president Chen Liming said the company sold its interest as a part of its global portfolio optimization.
"BP remains committed to working with China to contribute its deep expertise and oil and gas supply options in this important emerging market." Liming added.
The transaction is subject to regulatory, CNOOC and third party approvals. It is expected to close in the second half of 2013.
Upon completion of the deal, KUFPEC will hold 49% in the Yacheng gas field, while CNOOC will own 51% interest.
With the latest stake sale, BP’s total divestments since 2010 reaches $37.8bn.
