BP Plc agreed to pay US$10.5 billion for most of BHP Billiton Ltd.’s onshore oil and natural gas asset in the U.S. to add output in regions including the prized Permian Basin.

Melbourne-based BHP, the world’s top miner, will sell its Fayetteville unit to MMGJ Hugoton III LLC for about US$300 million to complete its exit from the shale sector, the company said Friday in a statement. The deals are expected to be completed by the end of October