BP has agreed to sell its interests in the Wytch Farm, Wareham, Beacon and Kimmeridge fields, which are located in the UK, to Perenco for $610m cash.
As part of the transaction, BP has received an immediate payment of $500m and will receive $55m on completion, which is expected at the end of 2011, with the remaining $55m contingent on submission of the Beacon field development plan and oil prices.
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The sale is part of BP’s plan to divest up to $30bn of assets by the end of 2011.
Completion of the sale is subject to partner pre-emption rights and a number of third-party and regulatory approvals.
BP North Sea regional president Trevor Garlick said the firm is investing about $4bn per year of capital and operating expenditure, which includes four major new field development projects in the UK and two in Norway.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
