BP sells UK offshore gas fields to Perenco

Offshore staff

LONDON – BP has agreed to sell its UK southern North Sea gas interests to Perenco for $400 million.

These include:  

* The producing Cleeton fields (Wollaston, Whittle, Ravenspurn North, Ravenspurn South)
* The West Sole fields (West Sole, Hyde, Hoton, Newsham)
* The Amethyst field
Dimlington terminal

* Hessle office.
There are manned platforms at West Sole Alpha, Ravenspurn North and Cleeton; and normally unmanned installations (not all operated by BP) at Apollo/Minerva (M1), Mercury, Neptune, Wollaston & Whittle, West Sole B & C, Ravenspurn South, Amethyst (C1D, A1D, A2D & B1D), Hyde, Hoton, and Newsham.

BP’s current net production from these assets is around 25,000 boe/d.

Last year Perenco acquired BP's interests in Wytch Farm offshore/onshore the English south coast; the Bacton gas terminal on the east coast; and in other gas fields in the southern North Sea around the Indefatigable shelf.

BP is looking to divest assets with a total value of $38 billion between 2010 and the end of 2013. Including this latest agreement, it has announced divestments with an expected value totaling $23 billion.

Perenco has made an initial payment to BP of $100 million in cash and the remaining $300 million will be paid on completion, expected before year end. A further $10 million may be paid in the future contingent on prevailing gas prices. Completion of the sale is subject to a number of third party and regulatory approvals.

Trevor Garlick, regional president for BP North Sea, said: “Perenco is committed to investing in and developing SGA beyond BP’s plans, ultimately providing a longer-term future for the assets and the people who work there.”


Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...