BP sells off North Sea assets in £300m deal

BP has agreed to sell a number of its oil and gas assets in the North Sea to Serica Energy in a £300 million deal. The property and infrastructure being sold […]

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By Jonny Bairstow

BP has agreed to sell a number of its oil and gas assets in the North Sea to Serica Energy in a £300 million deal.

The property and infrastructure being sold include the Bruce, Keith and Rhum fields, three bridge-linked platforms and associated subsea equipment.

The £300 million will be made up of a £12.8 million upfront sum and several other payments depending on future performance, decommissioning costs and fuel prices.

The assets are expected to be sold as a fully operational entity, including around 110 staff.

Bernard Looney, BP Chief Executive of BP Upstream, said: “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.

Subject to approval, the companies aim to complete the transfer in late 2018.