BP has said it is to sell a stake in a Norwegian Sea field to Shell in a cash deal valued at £149million.
The deal, expected to complete by the end of this year, will increase Shell’s ownership in the field, which it operates, by 18.36% to 44.56%.
BP said the latest deal meant it had entered into agreements to sell assets worth around £20.4billion since the beginning of 2010, following the Gulf of Mexico Macondo disaster.
It added: “BP expects to divest assets with a total value of £23.5billion between 2010 and 2013 as it focuses its business around the world on its strengths and opportunities for growth.
“The agreement (with Shell) is a further example of BP’s active management of its portfolio in the North Sea, focusing investment on high value assets with long-term growth potential, while realising the value of non-core assets.”
Net BP production from Draugen averages some 6,000 barrels per day. Completion of the deal is anticipated by the end of 2012, subject to regulatory approval.
BP’s projects off Norway include the major Skarv field development and the re-development of the Valhall field.
These two developments are expected to more than double BP’s Norwegian production to more than 60,000 barrels of oil equivalent per day.
Valhall’s re-development involves the installation of a new platform, extending production from the field out to 2050.
The Skarv project, involving a new floating production storage and offloading vessel in the Norwegian Sea, is expected to produce for 25 years and be a key hub for BP in Norway.
BP has also been investing on the Ula field, expected to produce until 2028.
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