BP to Sell Central North Sea Assets to TAQA

BP has announced that it has agreed to sell its interests in a number of central North Sea oil and gas fields to TAQA for $1.058 billion. The assets included in the sale are BP’s interests in the BP-operated Maclure, Harding and Devenick fields and non-operated interests in the Brae complex of fields and the Braemar field.
“This transaction is in line with BP’s strategy to focus on a smaller number of higher-value assets with long-term growth potential and to continue the simplification of our portfolio with a further reduction of operated infrastructure and wells,” said BP group chief executive, Bob Dudley.
With the announcement, BP has entered into agreements to sell assets with a value of around $37 billion since the beginning of 2010.
“It has made strategic sense for BP and for the buyer to combine our non-operated interests in the Braes and Braemar fields with Harding, Maclure and Devenick,” said regional president, North Sea, Trevor Garlick. “BP continues with a focused investment program in the UK and Norway, which includes planned capital spending of $10 billion over five years.”

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