BP Sells UK Oil and Gas Fields

BP has announced today that it will sell its minority stakes in one gas and one oil field to Japanese company Mitsui & Co. Ltd.

The sale of the two UK North Sea assets takes place for $280 million in cash.

The deal sees BP sell a 13.3 per cent stake in the Alba field and an 8.97 per cent stake in the Britannia field, two fields which net BP 7,000 barrels of oil equivalent (boe) per day. BP says that, subject to licensee approval and regulatory permission, the deal is expected to be completed by the third quarter of this year.

The company said the sales were part of an active management of its assets and tied in with its drive to develop its UK and Norwegian interests.

"The divestments are part of our strategy to develop a more focused business in the UK and Norway," Trevor Garlick, regional president for BP North Sea, said. "BP has a multi-billion pound investment programme currently underway in the region, with four major field development projects in the UK and a further two in Norway."

The sale comes the day after another substantial sale for the company, the sale of its Jonah Gas Operations in Wyoming, in the United States. The company yesterday announced that it would sell that asset to LINN Energy for $1.025 billion.