BP to Separate U.S. Shale Assets into New Business

British oil company said it planned to separate its onshore U.S. oil and gas assets, including its shale resources, into a different business which it would own but which would be managed by a different team.

"This move is expected to help unlock the significant value associated with BP's extensive resource position in the U.S. Lower 48 onshore," the company said in a statement on Tuesday, ahead of a management presentation on its strategy in London.

The new business consists of an extensive unconventional or shale resource of around 7.6 billion barrels of oil equivalent, BP said, adding that it would start to disclose separate financials for the new business from 2015.