BP sells stake in Sean gas field to SSE for 288 million dollars cash
BP has agreed to sell its interest in the Sean gas field in the UK North Sea to SSE for 288 million dollars in cash.
BP has agreed to sell its interest in the Sean gas field in the UK North Sea to SSE for 288 million dollars in cash.
The sale to SSE is taking place through SSE's wholly-owned subsidiary SSE E&P. The divestment comprises BP's non-operated 50% stake in Sean. Completion of the deal is anticipated during the first half of 2013, subject to regulatory approval.
Trevor Garlick, regional president of BP North Sea, 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."
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
In the last two weeks BP has also completed the sale 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.
Sean is a gas field in the Southern North Sea and is operated by Shell. Current net BP production from Sean is around 18,000 barrels of oil equivalent per day.
BP's share price was down 0.26% to 425.35 at 09:42 on Monday morning.
MF
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Review: Eden Roc Cap Cana – fun, sun and golf in the Caribbean
Travel Eden Roc Cap Cana in the Dominican Republic offers everything from relaxing by the pool to a world-class golf course
-
Reeves delays cash ISA reform, but savers are not out of the woods yet
The chancellor has reportedly delayed plans to cut the cash ISA limit, which were set to be announced at Mansion House on 15 July, and will take more time to consult with the industry