BP announced today that it has agreed to sell its interests in a number of central North Sea oil and gas fields to TAQA for $1.058 billion plus future payments which, dependent on oil price and production, BP currently expects will exceed $250 million. The assets included in the sale are BP’s interests in the BP-operated Maclure, Harding and Devenick fields and non-operated interests in the Brae complex of fields and the Braemar field.
The sale is subject to third party and regulatory approvals and the companies currently expect the sale to complete in 2Q 2013.
Bob Dudley, BP group chief executive, said: “This transaction is in line with BP’s strategy to focus on a smaller number of higher-value assets with long-term growth potential and to continue the simplification of our portfolio with a further reduction of operated infrastructure and wells.”
Trevor Garlick, regional president, North Sea, said: “It has made strategic sense for BP and for the buyer to combine our non-operated interests in the Braes and Braemar fields with Harding, Maclure and Devenick. BP continues with a focused investment programme in the UK and Norway, which includes planned capital spending of $10 billion over five years.”
With today’s announcement, BP has now entered into agreements to sell assets with a value of around $37 billion since the beginning of 2010. BP expects to divest assets with a total value of $38 billion between 2010 and 2013 as it focuses its business around the world on its strengths and opportunities for growth.
Jefferies acted as financial adviser to BP in relation to this transaction.
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The base consideration is $1.058 billion of which a deposit of $632 million has been paid. The anticipated future payments of $250 million are expected to be realized over three years.