BP has resumed selling its stakes in several North Sea fields, Reuters reported.The news agency reported that BP has called on interested parties to submit bids without a deadline.
BP agreed a year ago to sell its interests in the Andrew region and Shearwater fields to Premier Oil for a total of $625 million, as part of its efforts to sell $25 billion of assets by 2025 to reduce debt and transition to low levels – carbon energy.
The two companies later agreed to restructure the deal, with BP reducing its cash value to $210 million due to Premier’s financing problems.The deal ultimately fell through after Premier was taken over by Chrysaor in October 2020.
It was unclear how much BP could raise from selling the assets in the aging North Sea basin, but they are unlikely to be worth more than $80 million as oil prices tumbled, Reuters reported.
BP operates five fields in the Andrews area under today’s proposed sale to Premier.
The Andrew property, located approximately 140 miles northeast of Aberdeen, also includes associated subsea infrastructure and the Andrew platform, from which all fields produce.The first oil in the region was realized in 1996, and as of 2019, production averaged between 25,000 and 30,000 boe.BP holds a 27.5% interest in the Shell-operated Shearwater field, 140 miles east of Aberdeen, which produced approximately 14,000 boe in 2019.
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