BP to sell assets for $US7b to Apache

BP PLC says it is selling several major assets to Apache Corp for $US7 billion ($A8.06 billion) to help pay the costs from the Gulf of Mexico oil spill.

The proceeds will go towards a $US20 billion ($A23.04 billion) fund to help pay cleanup costs and damages from the spill.

BP said in June that it planned to shed as much as $US10 billion ($A11.52 billion) in assets over the next 12 months.

The sale doesn't include BP's stake in Prudhoe Bay, countering published reports that said a deal for the Alaska field was in the works.