BP's (NYSE:BP) Assets in Venezuela Will be Acquired by TNK-BP

A deal to acquire the Venezuelan assets of BP (NYSE:BP) by TNK-BP, a joint venture between them and a group of Russian billionaires, has been confirmed today by the energy ministers of both countries.

The memorandum was signed between the two nations when Hugo Chavez visited Russia.

Terms of the deal weren't revealed (although in the past it was estimated to be valued at about $1 billion) but the specific assets were, as German Khan, one of the wealthy Russian's with a stake in the venture revealed, include the acquisition of three oil fields: "16.7 percent of Petromanagas, 40 percent of Petroperija and 26.6 percent of Bouqeron," said Khan.

TNK-BP's goal is to expand outside of Russia and ultimately become the largest independent producer based in the country.

BP is selling the asset as part of their goal to raise $30 billion to pay for unfolding liabilities related to the Gulf of Mexico oil spill.