BP offloads UK North Sea field interests

Offshore staff

LONDON – BP has agreed to sell its interests in the Alba and Britannia fields in the UK central North Sea to Mitsui for $280 million.

These comprise a 13.3% stake in Alba and 8.97% in Britannia. Completion of the deal is expected by the end of the summer, pending regulatory and other licensee approvals.

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 program currently under way in the region, with four major field development projects in the UK and a further two in Norway.”

The company’s net production from the two fields averages 7,000 boe/d.


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


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...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...