BP Sells Interest in Rayyan Field to Anadarko

BP has sold its stake in the Rayyan Field offshore Qatar to Anadarko Petroleum. The company said it did not want to be a minority owner in the field. Anadarko will now holds 92.5% of the field now that it has purchased BP's 27% interest.

BP had become a minority stakeholder after Anadarko bought Canada's Gulfstream Resources Canada Ltd. last year, giving it 65 percent of the field. Preussag AG hold the remaining 7.5% share of the field.

Atlantic Richfield Co., which BP bought in 2000, discovered Rayyan in 1995 and brought the field on-stream at 10,000 barrels a day. Since then, production has risen to 23,000 barrels a day and plans are in place to boost that to 45,000 barrels.