BP in North Sea sale

LONDON, November 22, 2017 – BP has agreed to sell North Sea assets worth about GBP 300 million to Serica Energy, the super-major announced on Tuesday.

BP will keep just 1% of its 37% Bruce field stake and will sell its entire interests in the Keith and Rhum fields, which stand at 34.84% and 50%, respectively. BP’s partners for the former two concessions are Total, Marubeni and BHP Billiton, while Iranian Oil Company holds the remaining 50% of Rhum.

“This is an example of BP’s Upstream strategy in action – refreshing our portfolio and focusing our activity on assets which will add most value over the long-term,” Bernard Looney, BP’s CEO for Upstream, said in a statement.

“We remain committed to the North Sea and continue to invest. We expect our production there to double to around 200,000 barrels equivalent a day by 2020 through new projects like Quad 204 and Clair Ridge.”