BP sells UK offshore gas fields to Perenco

March 28, 2012
BP has agreed to sell its UK southern North Sea gas interests to Perenco for $400 million.

Offshore staff

LONDON – BP has agreed to sell its UK southern North Sea gas interests to Perenco for $400 million.

These include:

* The producing Cleeton fields (Wollaston, Whittle, Ravenspurn North, Ravenspurn South)
* The West Sole fields (West Sole, Hyde, Hoton, Newsham)
* The Amethyst field
Dimlington terminal

* Hessle office.
There are manned platforms at West Sole Alpha, Ravenspurn North and Cleeton; and normally unmanned installations (not all operated by BP) at Apollo/Minerva (M1), Mercury, Neptune, Wollaston & Whittle, West Sole B & C, Ravenspurn South, Amethyst (C1D, A1D, A2D & B1D), Hyde, Hoton, and Newsham.

BP’s current net production from these assets is around 25,000 boe/d.

Last year Perenco acquired BP's interests in Wytch Farm offshore/onshore the English south coast; the Bacton gas terminal on the east coast; and in other gas fields in the southern North Sea around the Indefatigable shelf.

BP is looking to divest assets with a total value of $38 billion between 2010 and the end of 2013. Including this latest agreement, it has announced divestments with an expected value totaling $23 billion.

Perenco has made an initial payment to BP of $100 million in cash and the remaining $300 million will be paid on completion, expected before year end. A further $10 million may be paid in the future contingent on prevailing gas prices. Completion of the sale is subject to a number of third party and regulatory approvals.

Trevor Garlick, regional president for BP North Sea, said: “Perenco is committed to investing in and developing SGA beyond BP’s plans, ultimately providing a longer-term future for the assets and the people who work there.”