BP Sells North Sea Assets to Mitsui

BP announced Tuesday that it is selling its interests in the Alba and Britannia fields in the UK North Sea to Mitsui & Co. for $280 million in cash.

Net BP production from the two fields averages some 7,000 barrels of oil per day.
The sale comprises BP's 13.3-percent stake in Alba and 8.97-percent stake in Britannia. Completion of the deal is anticipated by the end of 3Q 2012, subject to regulatory and other licensee approvals.
The news is further evidence of BP's strategy of actively managing its assets in order to focus on growth opportunities. On Monday this week the oil major announced it was selling its interests in its Jonah and Pinedale upstream operations in Wyoming to LINN Energy for $1.025 billion.
Commenting on these latest North Sea asset sales, Trevor Garlick, regional president for BP North Sea, said:
"The divestments are part of our strategy to develop a more focused business in the UK and Norway. BP has a multi-billion pound investment programme currently underway in the region, with four major field development projects in the UK and a further two in Norway."
BP's current production in the North Sea is around 200,000 barrels of oil equivalent per day, while the company has more than three billion barrels of proven and contingent resource available in the region.
The firm expects to invest $10 billion net over the next five years in the North Sea, it confirmed Tuesday.

A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com


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