BP has announced its agreement to sell its 18.36% stake in the Draugen oil field to Shell.
Located in the Norwegian North Sea, the oil field was sold for $240 million (£149 million), with the deal expected to be completed by the end of the year. The Draugen field produces around 6,000 barrels of oil per day.
The company said its two major projects in Norway, which includes a new floating production storage vessel, are in the final stages of development. The projects are expected to increase the company’s oil production to more than 60,000 barrels per day.