Abu Dhabi-controlled TAQA buys BP North Sea assets

AP News
Posted: Nov 28, 2012 5:15 AM

LONDON (AP) — British oil company BP is selling its interests in some North Sea oil and gas fields to TAQA, a company controlled by Abu Dhabi Water and Electricity Authority, for $1 billion.

The company has now negotiated sales of assets valued at about $37 billion since 2010 — just short of its goal to raise $38 billion by next year to pay for the Gulf of Mexico oil rig disaster and to invest in new opportunities.

BP said Wednesday that the deal provides for additional future payments of an estimated $250 million or more, based on oil prices and production.

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Subject to regulatory approval, the sale is expected to be completed in the second quarter next year.