BP sells stake in North Sea gas field for $28 mln

AP News
Posted: Dec 17, 2012 5:47 AM

LONDON (AP) — Oil company BP has sold its half interest in a North Sea gas field to SSE PLC for $288 million.

BP said Monday that the disposal of its 50 percent stake in the Sean gas field, operated by Shell, is part of a broader program of disposing of noncore assets.

BP's share of production from Sean is equivalent to 18,000 barrels of oil per day.

Although BP has recently disposed of some other North Sea assets, the company says it plans to invest $10 billion there over the next five years, both in British and Norwegian waters.

BP shares were down 0.2 percent at 425.45 pence in midmorning trading in London.