BP said Tuesday it has agreed to sell its interests in the Alba and Britannia fields in the UK North Sea to Mitsui & Co., Ltd. (‘Mitsui’) for $280m in cash.
The sale comprises BP’s non-operating 13.3% stake in Alba and 8.97% stake in Britannia. Completion of the deal is anticipated by the end of Q3 2012, subject to regulatory and other licensee approvals.
“The agreement is a further example of BP’s active management of its business portfolio in the North Sea, focusing on core activities and future growth,” the company said.
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.”
“We are pleased to have reached this agreement, continuing our global relationship with Mitsui,” added BP group chief executive Bob Dudley.
Net BP production from the two fields averages some 7,000 barrels of oil equivalent per day.