BP Plc (BP: Quote,BP_UN.TO: Quote,BP.L) has agreed to sell its interests in the Alba and Britannia fields in the UK North Sea to Mitsui & Co., Ltd. (MITSY.PK) for $280 million cash. This sale includes BP's non-operating 13.3% stake in Alba and 8.97% stake in Britannia. The deal may close by the end of third quarter of 2012.
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 programme currently underway in the region, with four major field development projects in the UK and a further two in Norway."
Net BP production from the two fields averages nearly 7,000 barrels of oil equivalent per day.
Click here to receive FREE breaking news email alerts for BP Plc and others in your portfolio
by RTT Staff Writer
For comments and feedback: email@example.com