BP to sell North Sea assets


The British oil and gas group BP wants to sell assets in the North Sea to its counterpart Premier Oil. The latter party counts 625 million dollars for that, the companies have agreed.

It concerns interests of 50 percent to 100 percent in five oil fields in the Andrew Area and an interest of nearly 28 percent in the Shearwater oil field.

In addition, Premier Oil wants to buy an additional 25 percent stake in the Tolmount gas field from Dana for $ 191 million. This field is already being exploited by Premier Oil.

The group wants to raise $ 500 million with a capital increase to finance the purchase. This is partly due to a rights issue.

By: Leah Kunze

Leah Kunze just graduated MBA and is proud of it. She is interested in automotive industry and innovations. She well be glad to receive a mail to leah.kunze@economicinform.com

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