BP sell stake in central North Sea oil gas fields TAQA

BP to sell stake in central North Sea oil and gas fields to TAQA

7:25 AM, 30th November 2012
BP to sell stake in central North Sea oil and gas fields to TAQA
Bob Dudley, Group Chief Executive, BP.

LONDON, UK: BP has agreed to sell its interests in a number of central North Sea oil and gas fields to TAQA for $1.058 billion plus future payments which, dependent on oil price and production, BP currently expects will exceed $250 million. The assets included in the sale are BP’s interests in the BP-operated Maclure, Harding and Devenick fields and non-operated interests in the Brae complex of fields and the Braemar field. The sale is subject to third party and regulatory approvals and the companies currently expect the sale to complete in second quarter of 2013.

With today’s announcement, BP has now entered into agreements to sell assets with a value of around $37 billion since the beginning of 2010. BP expects to divest assets with a total value of $38 billion between 2010 and 2013 as it focuses its business around the world on its strengths and opportunities for growth.

“This transaction is in line with BP’s strategy to focus on a smaller number of higher-value assets with long-term growth potential and to continue the simplification of our portfolio with a further reduction of operated infrastructure and wells,” said Bob Dudley, Group Chief Executive, BP.

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