BP sells North Sea gasfield to SSE in $288m deal

RELATED QUOTES

SymbolPriceChange
RDSB.L2,393.00+8.50
NETK.DE0.00

BP has sold its 50pc stake in a North Sea gasfield to energy company SSE for $288m (£178m) as part of its divestment plan to help pay for the Gulf of Mexico oil spill disaster.

The Sean gasfield in the southern North Sea is operated by rival Shell (LSE: RDSB.L - news) .

Trevor Garlick, regional president of BP North Sea, said : "The divestment of BP's interest in the non-core, non-operated Sean field is consistent with our strategy of focusing on high value assets with long term growth potential."

BP wants to sell $38bn worth of assets by the end of 2013 to pay for cleaning up and for compensation following the Deepwater Horizon rig explosion which killed 11 workers and led to the biggest offshore oil spill in US history.

In the last two weeks the British oil company has also completed the sale of its non-operating stakes in the Alba and Britannia fields to Mitsui and the Draugen field in Norway to Shell. The deals that were announced earlier this year.

BP expects the SSE deal to be completed in the first half of 2013.

Net (Xetra: A0Z22E - news) production for BP from the Sea gasfield is around 18,000 barrels of oil equivalent a day.