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.

6/27/2012



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