BP to Sell North Sea Interests to Premier Oil for $625 Million
07 January 2020 - 7:01PM
Dow Jones News
By Ian Walker
BP PLC (BP.LN) said Tuesday that it is selling its interests in
the Andrew area in the central U.K. North Sea and its nonoperating
interest in the Shearwater field to Premier Oil PLC (PMO.LN) for
$625 million.
The oil major said the sale is part of the company's planned $10
billion asset-divestment program, and its focus on core growth
areas in the North Sea.
The sale is expected to complete by the end of the third quarter
of this year, the company said.
BP operates the Andrew assets and has a 27.5% stake in the Royal
Dutch Shell PLC (RDSA.LN)-operated Shearwater field.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
January 07, 2020 02:46 ET (07:46 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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