Bloomberg News

BP Sells Interests in Two North Sea Fields to Japan’s Mitsui

June 26, 2012

BP Plc (BP/), the oil producer that’s selling assets to help pay for the 2010 Gulf of Mexico spill, sold stakes in two North Sea fields to Mitsui & Co. (8031) for $280 million in cash.

BP is divesting its non-operating 13.3 percent stake in the Alba field and the 9 percent stake in the Britannia, which together account for about 7,000 barrels of production a day, it said today in a statement in London. The deal should complete by the end of the third quarter, it said.

The agreement follows yesterday’s decision by BP to sell its U.S. natural gas fields in Wyoming for about $1 billion. The company has disposed of about $24 billion of assets since the beginning of 2010 and is targeting $38 billion by the end of next year.

“The divestments are part of our strategy to develop a more focused business in the U.K. and Norway,” Trevor Garlick, head of BP’s North Sea operations, said in a statement. “BP has a multi-billion pound investment program currently underway in the region, with four major field development projects in the U.K. and a further two in Norway.”

To contact the reporter on this story: Brian Swint in London at bswint@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net


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