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BP Agrees to Sell its Stake in North Sea Gas Field

Dec. 17, 2012
British oil giant BP on Monday said it has agreed to sell its 50% stake in a North Sea gas field to energy firm SSE as part of its divestment plans.

LONDON -- British oil giant BP PLC (IW 1000/4) on Monday said it has agreed to sell its 50% stake in a North Sea gas field to energy firm SSE as part of its divestment plans.

"BP announced today that ... it has agreed to sell its interest in the Sean gas field in the U.K. North Sea to SSE PLC for $288 million (219 million euros) in cash," the company said in a statement, adding that it will complete the deal in the first half of 2013.

Sean is a gas field in the southern North Sea and is operated by Anglo-Dutch rival Royal Dutch Shell PLC (IW 1000/1). BP's current net BP production from Sean is around 18,000 barrels of oil equivalent per day.

The latest disposal comes as BP seeks to sell $38 billion worth of assets by the end of 2013 to help pay for the cleanup and compensation costs stemming from the Deepwater Horizon disaster.

Copyright Agence France-Presse, 2012

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