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Mitsui & Co will acquire the firm’s non-operating 13.3% stake in Alba and 8.97% stake in Britannia.
The deal is expected to be complete by the end of Q3 2012, subject to other regulatory and other licensee approvals.
Trevor Garlick, BP North Sea regional president, said the divestments are part of the company’s strategy to develop a more focused business in the UK and Norway, where it will invest $10bn during the next five years.
"BP has a multibillion pound investment programme currently underway in the region, with four major field development projects in the UK and a further two in Norway," said Garlick.
BP group chief executive Bob Dudley said: "We are pleased to have reached this agreement, continuing our global relationship with Mitsui."
Net production from the two fields averages some 7,000 barrels of oil equivalent each day.
Image: BP will sell its interest in Alba and Britannia fields. Photo courtesy of: BP.