BP to Sell Stake in North Sea Gas Field for $288 Million
BP will sell its ownership in the Sean gas field, in the North Sea, the company said on Monday. BP is shedding many non-operated North Sea assets, and the 50% stake in the Sean field will be sold to U.K. energy company SSE plc for $288 million. SSE is a large electricity and gas provider that also has operations in Ireland.
BP's current production in the North Sea averages around 200,000 barrels of oil equivalent per day; BP was producing less than a tenth of that, around 18,000 barrels per day, from its Sean location.
The North Sea remains a major area of interest for BP, and the company plans to invest $10 billion throughout the next five years on operations in the region. Including its Sean divestment, BP has already sold more than $3 billion in assets in order to focus, in the words of the regional president of BP North Sea, "on high value assets with long term growth potential."
The article BP to Sell Stake in North Sea Gas Field for $288 Million originally appeared on Fool.com.John Divine has no positions in the stocks mentioned above. You can follow him on Twitter @divinebizkid and on Motley Fool CAPS @TMFDivine.The Motley Fool has no positions in the stocks mentioned above. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.