We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
RSS FeedFinancial Planning

BP sells stake in North Sea field to SSE


Sale worth £177.8mn; follows earlier deal with Abu Dhabi

Article comments

Oil major BP has divested its stake in the Sean gas field, situated in the British sector of North Sea, to UK utility SSE Plc for £177.8 million.

In a statement on Monday, BP said the sale was part of its strategy to divest in non-operated North Sea assets. Its non-operated stake in Sean gas field currently stands at 50 percent.

The purchase of BP's stake would give SSE a hold on total net proven (and probable) reserves of about 1.7 billion therms* over the life of the field. Sean is operated by Shell and produces around 18,000 barrels of oil equivalent per day.

In its statement, SSE Plc said that there was additional possibility of tapping more gas from Sean via infill drilling. Last month, BP struck a deal with the Abu Dhabi National Energy Co (TAQA), a company majority-owned by the United Arab Emirate of Abu Dhabi, under which the latter will be investing over £624 million in BP's oilfield assets.

TAQA will acquire holdings in BP's North Sea Harding, Maclure and Devenick fields. Additionally, the deal includes non-operated interests in the Brae and Braemar fields.

*1 Therm = 100,000 British Thermal Units

Share:

Comments

BP sells stake in North Sea field to SSE
Financial Planning

Budget: What business wants

Budget: What business wants

CFOs are keen for the chancellor to avoid any uncertaintymore ..


Co-operative Group posts £2.5bn loss

Annual loss the worst in its 150 year historymore ..

Google sees 19% rise in Q1 revenue

However, company missed analysts' expectation as ad prices slidmore ..

Starbucks to move Europe HQ to UK

Coffee chain says move reflects growing importance of UK marketmore ..

Stay ahead of the curve

CFOs used to low interest rates ignore working capital optimisation at their perilmore ..

Digital streamlining of travel and expense claims [Part II]

Concur shows CFOs how to make life easier when the auditors come knockingmore ..

Send to a friend

Email this article to a friend or colleague:


PLEASE NOTE: Your name is used only to let the recipient know who sent the story, and in case of transmission error. Both your name and the recipient's name and address will not be used for any other purpose.



In Depth
How M&A teams can create value by challenging the CEO

How M&A teams can create value by challenging the CEO

A typical “hold” period of nine to 18 months can generate increased sale value more ..

In Depth
What every company needs to do about big data?

What every company needs to do about big data?

In the first of a three part series, Pat Brans explores just how big 'big data' will get? more ..

Advertisement

* *