Nov 3 (Reuters) - BP said on Monday it would sell

stakes in the Permian and Eagle Ford midstream assets of its

U.S. onshore oil and gas business for $1.5 billion to funds

managed by investment firm Sixth Street.

The sale comes as BP reviews how to develop its oil and gas

production assets and cut costs as part of a $20 billion

divestment programme by end-2027.

It has been under pressure from investors after years of

underperforming rivals and also the target of activist investor

Elliott.

BP's U.S. onshore oil and gas business, bpx energy, will

hold a 51% stake in the Permian assets and 25% in the Eagle Ford

assets after the deal, the oil major said.

(Reporting by Shashwat Awasthi in Bengaluru; Editing by

Subhranshu Sahu)