BP scoops up stake in Abu Dhabi oilfields in a deal worth $2.2bn

 
Billy Bambrough
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Deepwater Horizon oil spill.
The 2010 Deepwater Horizon oil spill has dragged on BP's investment plans (Source: Getty)

Oil giant BP has picked up a stake in Abu Dhabi’s largest oil fields in exchange for a two per cent share in the company in a deal worth $2.2bn (£1.9bn).

BP will control 10 per cent of the Abu Dhabi Company for Onshore Oil Operations and its production, which stands at 1.66m barrels a day, for the next 40 years.

BP has been refocusing on growth and portfolio renewal recently after shedding $40bn of assets since 2010 to cover its liabilities from the Deepwater Horizon oil spill.

It’s expected to complete its finance rebalancing by the end of 2017.

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