BP sells North Sea gas field stake to utility firm SSE for $288 mn

British oil and gas giant BP Plc yesterday agreed to sell its 50-per cent interest in Sean gas field in North Sea to British utility major SSE Plc for approximately $288 million in cash, continuing its strategy of disposing of the company's non-core assets.

The sale comprises BP's non-operated 50-per cent stake in Sean, a gas field located in the southern part of North Sea and operated by Dutch oil major Shell. BP's current share from the gas field is around 18,000 barrels of oil equivalent (boe) per day.

BP North Sea president Trevor Garlick said, ''The divestment of BP's interest in the non-core, non-operated Sean field is consistent with our strategy of focusing on high value assets with long term growth potential.''

The transaction is expected to close in the first half of 2013, subject to required regulatory approvals and other clearances.

In November, the company sold its stakes in several North Sea oil and gas fields including Harding, Maclure, Braes and Devenick to Abu Dhabi's state-owned National Energy (Taqa) for $1.06 billion. (See: BP sells stakes in North Sea assets to Abu Dhabi National Energy for $1.06 bn)

Recently, BP also completed the sale of its Wytch Farm oil field in Dorset and the southern gas assets to European oil and gas firm Perenco and also sold of its non-operating stakes in the Alba and Britannia fields to Mitsui and the Draugen field in Norway to Shell, deals that were announced earlier in 2012.