Oil giant BP insists it remains committed to the UK North Sea despite it agreeing to sell its 36.22% stake in the Central Area Transmission System (CATS) pipeline system to Antin Infrastructure Partners for £324million.
BP is currently the operator of CATS, which is now 99% owned by Antin.
Trevor Garlick, regional president, BP North Sea, said: “The North Sea is an important region for BP.
“Our strategy here is to focus our resources and investment to create an efficient, sustainable and competitive business which will contribute to UK energy security for many years to come.
“Key elements of this are the completion of our major projects in the central North Sea and Shetland area, and continued management of our portfolio.”
He addded: “CATS has been a great business for BP but, aligned to the recommendations of the Wood Review, we believe securing this new owner will ensure a better long-term future for this key piece of North Sea infrastructure.
“Supporting staff and ensuring continued safe operations will be our priority as we go through this transition period.”
The sale of CATS will be as a fully operational business, with staff expected to transfer to the new employer with contractual terms and conditions protected under UK Tupe – transfer of undertakings (protection of employment) – regulations.
Subject to the receipt of regulatory and other third party approvals, BP aims to complete the sale and transfer of operatorship before the end of 2015.
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