BP offers southern North Sea interests

BP wants to sell a package of operated interests in UK oil and gas fields.

Offshore staff

LONDON -- BP wants to sell a package of operated interests in UK oil and gas fields.

These assets comprise the Wytch Farm onshore/offshore oilfield in Dorset on the south coast of England, and BP's operated gas fields (mostly mature) in the southern North Sea, along with associated pipeline infrastructure and the Dimlington terminal on the English east coast.

BP expects the buyer to take on staff currently working on these assets.

The company says the sale will allow it to focus on its central and northern UK North Sea, West of Shetland, and Norway interests, and its new major projects. These include Clair Ridge and the Schiehallion redevelopment West of Shetland, and Skarv/Valhall redevelopment in the Norwegian sector.

Trevor Garlick, regional president, BP North Sea said: "The North Sea is a significant business for BP and we are currently investing here at the highest level for more than 10 years, with four major new field development projects under way in the UK and two in Norway.

“The assets we intend to divest are of high value but find it difficult to compete for capital and resource within our North Sea portfolio. We believe they will attract earlier investment and be of greater value to a new buyer.”
BP aims to complete the divestments around the end of this year, subject to regulatory and third party approvals.

02/24/2011

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