LONDON: BP plc is selling its interests in 14 natural gas fields in the North Sea as part of its global shift away from older and less profitable energy ventures. The oil giant said that privately owned Perenco UK Ltd had agreed to pay US$162mil for the fields together with associated pipelines, processing facilities and a terminal in eastern England.
BP’s share of production at the fields is around 150 million cu ft per day, or the equivalent of 26,000 barrels of oil daily. The company’s total output in the North Sea last year averaged the equivalent of 750,000 barrels of oil a day, of which 470,000 barrels were crude oil and 280,000 gas. – AP
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