Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Sunday Times: BP Puts $3.2 Bln Of North Sea Oil Assets Up For Sale

RELATED NEWS
Trade BP now with 

British Oil giant BP plc (BP: Quote,BP.L) has put North Sea oil assets worth about 2 billion pounds or $3.2 billion up for sale, according to a report in the Sunday Times. The auction would be the biggest ever of the company's North Sea oil assets.

BP's move comes after the UK government said it plans to encourage more exploration in the North Sea and has offered tax breaks for the industry.

According to the report in the Sunday Times citing industry sources, BP launched an auction this month to sell many of its stakes in reservoirs where it holds a minority position. The company has reportedly hired investment bank Jefferies as an adviser.

BP, last Thursday, received approval from the UK to drill a new deepwater well off the northwest coast of the Shetland Islands.

In mid-October 2011, BP said that the UK government granted the company and its partners approval to proceed with the 4.5 billion pounds Clair Ridge oilfield development project in the North Sea. BP's partners in the project include Royal Dutch Shell Plc (RDS-A, RDSA.L, RDSB.L, RDS-B), ConocoPhillips (COP) and Chevron Corp. (CVX).

At that time, BP noted that the total investment of the company and its partners in four new oil and gas projects in the North Sea, together with development drilling and a number of smaller projects, would be almost 10 billion pounds over the next five years.

Earlier in 2011, BP and its partners announced plans for a 3 billion pounds redevelopment of the Schiehallion and Loyal fields in the Shetland Islands, and a 700 million pounds development of the Kinnoull field in the central North Sea.

BP closed Friday's trading at $45.59, up $0.29 or 0.64 percent on a volume of 3.56 million shares.

Register
To receive FREE breaking news email alerts for BP Plc and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
LinkedIn Corp., the world's largest online professional network, said Thursday after the markets closed that it swung to a second quarter loss, hurt by higher costs and expenses even as revenue surged 47%. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue. Kraton Performance Polymers, Inc. (KRA), Wednesday reported second-quarter net income of $11.1 million or $0.33 per share, up from $3.8 million or $0.12 per share last year. Adjusted earnings improved to $0.46 per share from $0.15 per share last year. Revenues for the quarter dropped to $323.8... Organic grocer Whole Foods Market, Inc. said Wednesday after the markets closed that its third quarter profit rose 6.3% from last year, as same-store sales increased 3.9%. The company's quarterly earnings per share also came in above analysts' expectations, but its quarterly sales fell shy of analyst' forecast.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.