SINGAPORE (Nov 19): KrisEnergy, the upstream oil & gas (O&G) company undergoing restructuring, has revealed it is selling its stake in an offshore oil & gas project to energy giant BP.

The upstream company focused on the production and development of oil & gas in Southeast Asia has been working on plans to restructure hundreds of millions of dollars in debt and expects the sale to help it allocate its capital to fund near-term development.

KrisEnergy plans to sell its 30% stake in the Andaman II project to BP Exploration Operating Co, a holding entity for BP's exploration and production subsidiaries.

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