BP Seeks New Suitors for UK Asset: Reports

BP is scouting new potential buyers for its stake in the Shearwater gas and condensate project in the UK’s North Sea, newswires reported June 7.

The relaunch of the offer for BP’s 27.5% stake in Shearwater comes after talks with Shell, operator of the twin platforms and field, fell through. BP has contacted potential buyers unnamed sources said, because it doesn’t want to pump money into the project at the same rate as Shell. BP declined to comment on the talks with Shell a few weeks ago, saying it was market speculation.

In December, alongside ExxonMobil which holds 44.5%, the operator approved a plan to build a pipeline to expand Shearwater’s role as a hub. The capacity of the two platforms to accept gas from other North Sea fields nearby will be boosted.

BP is instead seeking to invest in US shale. The talks with Shell faltered over price, sources say.