Oil giant BP said yesterday it was selling minority stakes in two UK North Sea fields for £179million as it concentrates on large developments in the area.
The 13.3% stake in Alba and 8.97% holding in Britannia are being acquired by Mitsui and Co, of Japan.
BP’s production from the two fields averages around 7,000 barrels of oil equivalent (boe) per day; about 3% of output from its UK and Norwegian North Sea area.
There will be no adverse impact on jobs in the company’s North Sea workforce.
BP says it is focusing its efforts on operating big fields with growth potential, in line with group strategy.
Trevor Garlick, regional president for BP North Sea, said: “The divestments are part of our strategy to develop a more focused business in the UK and Norway.
“BP has a multibillion-pound investment programme currently under way in the region, with four major field development projects in the UK and a further two in Norway.”
BP chief executive Bob Dudley added: “We are pleased to have reached this agreement, continuing our global relationship with Mitsui.”
The four major projects under way in the UK are Clair Ridge, Schiehallion, Devenick and Kinnoull, while the two in Norway are Skarv and Valhall.
More disposals of non-operated North Sea assets are expected to follow in the months ahead.
These would include the 27.7% stake in Braes and 27.5% holding in Shearwater. A BP spokesman said: “Anything that is considered a distraction to the North Sea strategy is being reviewed.”
It last year sold operatorship of Wytch Farm asset in Dorset to Perenco for £376million. The development includes the biggest onshore oil field in western Europe. The company is also to sell its southern North Sea assets to Perenco for £256million.
BP operates 44 producing fields, 10 pipeline systems, 13 manned platforms and 20 normally unmanned installations in the North Sea.
It employs about 3,500 people in this business.
The spokesman said: “There is no impact, in terms of staff numbers, from the sale of the non-operated assets.
“The small number of employees involved in overseeing this part of the business would be redeployed as necessary.”
BP expects to invest around £6.7billion in the North Sea over five years, including the money being spent on the six major projects.
The group also has its eye on potential future developments in the area.
In the previous UK licensing round in 2010, BP was awarded interests in seven offshore exploration blocks; the largest number it had received for more than a decade.
The spokesman stressed that the North Sea disposals were not related to the fundraising following the Gulf of Mexico Macondo well tragedy.
BP has set aside billions of pounds to cover the cost of the disaster on April 20, 2010, which claimed the lives of 11 men and caused nearly 5million barrels of oil to leak into the US gulf.
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