The divestment is in line with the company’s strategy to streamline its operations in the North Sea, as it plans to focus on high value assets with long term growth potential.
The transaction, subject to regulatory approval, is expected to completed by end of 2012.
Rebecca Wiles, BP Norway managing director, said: "BP is a significant investor in Norway and is in the final stages of completing two major projects, the Skarv field and the re-development of the Valhall field, which will greatly increase our production from the country."
The company said with the start-up of Skarv and Valhall redevelopment, the company’s production is expected to double to more than 60,000 barrels of oil equivalent daily.
Under the Valhall re-development project, the company will install a new platform, extending production from the field out to 2050.
The Skarv project, involving a new floating production storage and offloading vessel, is expected to produce for 25 years and will be a key hub for BP in Norway.
BP’s net production from Draugen field averages at 6,000 barrels a day and is operated by Shell.
The company expects to divest assets with a total value of $38bn between 2010 and 2013, as part of its restructuring programme.
Image: Location of Draugen field in Norwegian Sea. Photo courtesy of: NordNordWest.