BP offloads UK North Sea field interests

Offshore staff

LONDON– BP has agreed to sell its interests in the Alba and Britannia fields in the UK central North Sea to Mitsui for $280 million.

These comprise a 13.3% stake in Alba and 8.97% in Britannia. Completion of the deal is expected by the end of the summer, pending regulatory and other licensee approvals.

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

The company’s net production from the two fields averages 7,000 boe/d.

6/27/2012