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.

© WOC  

0 Comments

Login

Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News


Ecolab opens training centre in Eagan, US

EAGAN, US: Ecolab opened its new training centre at the company’s Schuman Campus in Eagan, US. The 51,000-square-foot facility houses a state-of ...

Read more
Air Products to build renewable hydrogen fueling station in Delhi, India

NEW DELHI, INDIA: Air Products has been awarded a contract with India’s University of Petroleum and Energy Studies (UPES) to build the country&r ...

Read more
Petrobras selects UOP’s Separex technology in Lula oil field, Brazil

DES PLAINES, US: UOP LLC’s, a Honeywell company, technology has been selected by Petrobras to process natural gas aboard up to eight floating pr ...

Read more
Exxon Mobil senior vice president, Humphreys retires

IRVING, US: Donald D Humphreys, senior vice president and principal financial officer of Exxon Mobil Corporation, has announced his intention to retir ...

Read more
EPA temporarily suspends BP’s contracts with the federal government

WASHINGTON, US: The US Environmental Protection Agency (EPA) has temporarily suspended BP Exploration and Production Inc, BP PLC and named affiliated ...

Read more
Cambrex appoints Yanai as non-executive Vice Chairman

EAST RUTHERFORD, US: Cambrex Corporation appointed Shlomo Yanai to its Board of Directors. He will serve as its non-executive Vice Chairman. Yanai, wh ...

Read more