Member Article

BP sells interests in North Sea for $280m

BP has today announced that it has agreed to sell its interests in two North Sea fields to Mitsui & Co Ltd for $280m in cash.

The sale is made up from BP’s non-operating 13.3% stake in Alba and their 8.97% stake in Britannia.

Situated approximately 200 km northeast of Aberdeen, both Alba and Britannia have had stable and safe operations since the 1990s. Japanese company Mitsui will be working to maximise the value of the oil fields and expand its portfolio in the region.

BP is a major investor in the North Sea and has an extensive portfolio of production in the area. The company currently produces around 200,000 barrels of oil a day.

Mitsui was founded in 1876 and had global aspirations from the very start. Today, the company has a large focus on supporting the people and places which were affected by the recent Japanese earthquake. The company’s main area of interest remain energy and mineral resources businesses.

Earlier this year, BP sold $400 million of gas fields in the North Sea and is now selling its smaller assets in order to concentrate on six major projects in the Norwegian and British sections of the North Sea.

The deal between BP and Mitsui is due to be completed by the end of Q3 2012 subject to regulatory and other licensee approvals.

This was posted in Bdaily's Members' News section by Francesca Dent .