BP sells stake in North Sea gas field for £178m

OIL major BP yesterday announced it was to sell its interest in a North Sea gas field to SSE for $288m (£178m) in cash.

Completion of the deal, to sell BP’s non-operated 50 per cent stake in the Sean gas field, is expected in the first half of next year. Sean, located in the Southern North Sea, is currently operated by Shell, and produces around 18,000 barrels of oil equivalent a day.

Trevor Garlick, regional president of BP North Sea, said yesterday: “The divestment of BP’s interest in the non-core, non-operated Sean field is consistent with our strategy of focusing on high value assets with long term growth potential.”

The British oil behemoth plans to invest $10bn over the next five years in the North Sea. BP’s strategy to focus on the region has included the sale of the Wytch Farm oil field in Dorset, the Southern Gas Assets and the sale of its stakes in the Draugen, Alba and Britannia fields.

Last month, BP announced it was to divest its interests Harding, Maclure, Braes and Devenick to Abu Dhabi state oil firm TAQA.

Jefferies advised BP on this transaction, with Neil Schroeder leading the team from the bank.