BP Plc (BP, BP_UN.TO, 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.
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