BP sells stake in North Sea field to SSE
Sale worth £177.8mn; follows earlier deal with Abu Dhabi
By Gaurav Sharma | CFO UK | Published 12:02, 17 December 12
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
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